The European market for carbon dioxide emissions rights increased with 30% during January and September last year. Currently one ton of carbon dioxide emissions rights will cost you â‚¬24 (about $35).
The price for the same ton of emission rights during the period of 2005 and 2007 is currently â‚¬1 (about $1,46). This is due to the fact that the European Union has, as planned, lowered the number of emissions rights, and thus the demands on the market have increased the price for the emission rights.
Andrei Marcu, president of the International Emissions Trading Association, says that â€œestablishing similar schemes to the European Union's emissions trading system in Canada and other parts of the world is crucial to the development of the carbon market and to helping the environmentâ€.
Andrei Marcu is also hoping that Canada will follow EUâ€™s path and introduce a similar trading scheme that could be linked with the European so that, hopefully, a global emissions trading system could emerge.