News release: “Despite the turmoil in the financial world, 2008 saw a doubling of the global carbon market, to an estimated value of more than US$ 126 billion, according to the latest State and Trends of the Carbon Market Report 2009, released today by the World Bank at Carbon Expo in Barcelona. The report is based on data from the trading of European Union Allowances (EUAs) under the European Union Emissions Trading Scheme (EU ETS) and from transactions completed under the Kyoto Protocol’s flexible mechanisms—the Clean Development Mechanism (CDM) and Joint Implementation (JI)—that allow industrialized countries to purchase greenhouse gas emission reductions in developing countries and in countries with economies in transition, as well as data from voluntary markets. It finds that the value of transactions from CDM projects in developing countries declined by 12% to an estimated US$ 6.5 billion in 2008, with an average price of US$ 16.8.”