America's $1 trillion carbon market twelve years away

clipped from environment.newscientist.com The new US president will most likely see in the emergence of a colossal carbon trading market, worth $1 trillion a year by 2020, according to a report released on Thursday. Another report, also out this week, estimates the US could be trading $600 billion in pollution credits annually by 2015. Either way, "it will be the largest environmental market of its kind," says Tiffany McCormick Potter, senior analyst for Point Carbon, which produced the 2015 estimate. According to Point Carbon, the European carbon trading scheme totalled $42 billion in 2007. The 2020 estimate comes from New Energy Finance, another financial analysis firm which focuses on environmental markets. Both firms have this week published independent reports on the future of carbon trading in the US.