Volumes on the European Climate Exchange (ECX) passed the 2 billion tonne mark on Friday, maintaining the strong growth in the sector. Contracts in ECX derivatives on carbon credits have grown from 95 million tonnes in their first year (2005), to 450 million tonnes in 2006 and just over 1 billion tonnes in 2007.
Patrick Birley, Chief Executive of ECX, paid tribute to the users of the market: “We are very grateful to the participants for making ECX the focal point of their emissions trading. We delighted to be playing a key role and see the growing volumes as a positive indicator of the successful introduction of mandatory cap and trade in Europe. We hope that this will inspire other nations to see opportunities that can be generated through such an innovative approach to carbon reduction.”
Total open interest in ECX contracts (EUA and CER futures and options) currently stand at 481,000 contracts, up from 177,000 at the beginning of 2008.
