Emissions traders expect U.S. carbon market soon
* Quick approval of U.S. climate bill possible
* Bill could boost global carbon market during recession
By Nina Chestney and Michael Szabo
BARCELONA, May 28 (Reuters) - Carbon market professionals hope speedy U.S. Congressional approval of a federal cap and trade scheme will boost emissions trading, which is threatened by recession and slow U.N. climate talks.
The existing Kyoto Protocol laid the foundations for emissions trading, by imposing caps on emissions in Europe and other developed countries, which is driving a $92 billion European emissions trading scheme.
The world is meant to agree a successor treaty in December in Copenhagen, but talks have been slow as rich and poor nations squabble over sharing the cost of carbon cuts.
Meanwhile severe recession and falling industrial output and pollution means governments and companies are buying fewer rights to emit greenhouse gases - potentially undermining a $126 billion global carbon market.
Last Thursday, a U.S. House of Representatives committee voted in favour of a draft climate bill at the heart of which is a "cap-and-trade" system which, if passed into law, could put the world on track for a $3 trillion carbon market by 2020. Continued...
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