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Global carbon credit markets have risen to $64 bn from $32 bn in 2007, according to a World Bank Report.
The market that enables companies to buy and sell the right to pollute doubled in value in 2007.
The market, which was created as a way to tackle climate change, enables firms to buy and sell permits to pollute by trading carbon emissions.
But while the carbon market has boomed, there are signs that this has not prompted big cuts in emissions.
For example, the value of carbon traded using mechanisms developed by the Kyoto Protocol more than doubled to $13.4bn last year, but the amount of actual carbon emissions only fell 7%.
Under the Kyoto Protocol, certain leading industrialised nations agreed to reduce their emissions, measured against 1990 levels.
One of the main ideas behind carbon trading is that polluters chose the easiest and most cost-effective way to reduce their emissions.
If, for example, a rich industrialised nation wants to keep polluting, it can gain emissions permits by paying a poorer nation to invest in clean technology and thereby reduce its pollution levels.
The largest single market for carbon was traded under the European Trading Scheme (ETS), in which certain polluting industries such as energy and cement firms face a limit on the emissions they can produce.
This market grew to $50bn in 2007, up from $24.4bn a year earlier. However, there has been a time-lag between the initial validation of the offsets and other carbon reduction schemes and their official approval, due to bureaucracy and delays, said the report.
The time lag between these two phases is approaching a year.
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