The first sale of carbon offsets on a developing world’s regulated stock exchange took place recently when
Benjamin Vitale, Conservation International's Senior Adviser on Eco-System Markets and Finance, explained further:
"I think the importance of this is twofold: The more developing countries' financial services sectors can be trading this kind of asset and commodity regularly, just like they trade soy in Brazil, it enables them to trade other credit like emissions from deforestation. It also helps get out the word about climate change and why it's important forThe purchaser of the credits was Dutch-Belgian Fortis Bank, which beat 13 other bids to purchase the offsets and buy the rights to emit 891,163 US tons of CO2 for $22.90 per metric ton.
Under the Kyoto Protocol, companies that emit CO2 and methane can buy carbon offsets to lower their emissions. The carbon credits are from
According to the Associated Press, Fortis has been positioning itself as a broker of carbon credits; buying them and then selling them to European companies that need to make emissions targets. In
The World Bank says the global carbon trading market tripled from $7.9 billion in 2005 to $24.4 billion in 2006.