European Climate Exchange (ECX) Passes 1 Billion Tonnes Of CO2 Traded In 2007

The European Climate Exchange yesterday traded its one billionth tonne of CO2 in the form of EU Allowances for 2007. This is an increase of over 120% of total volumes in 2006.

ECX inducted twelve new members this past year (now at 83, up from 71 at the beginning of the year) and witnessed larger trading volumes in line with the increasing level of trading activity in the EU Emissions Trading Scheme. The EU ETS forms part of the cap and trade solution as defined under the Kyoto Protocol and is the largest cap and trade scheme currently in operation in the world in terms of market value.

Patrick Birley, Chief Executive of ECX, said "We are delighted with the growth in the market during 2007 and look forward to a further acceleration of volumes as Phase II of the EU ETS begins in January 2008.”