A 2010 report by the World Bank (2010) valued the global carbon market at $143 billion in 2009. Within the global carbon and emissions market there are two types of emissions trading: allowance-based and project/credit-based. Allowance based emissions trading operates within the carbon compliance market and refers to the trade of carbon allowances and credits for compliance use by those who have emissions targets established under emissions trading schemes and/or the Kyoto Protocol. Compliance based schemes currently operate in the EU (Eu ETS), Australasia and at state level in United States.
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