“The U.S. appetite for carbon trading is strong CCX is now trading 3,000 to 5,000 contracts per day, with 20 percent of the largest carbon dioxide-emitting utilities in the U.S. participating; 11 percent of the Fortune 500 companies; and 17 percent of the Dow Jones Industrials companies.”
A recent Congressional Budget Office study projected that carbon offsets could be a $60 billion market in 2012, on a par with U.S. corn and wheat markets, and “as it grows beyond that, it will make forestry mitigation opportunities more important,” says Jeffrey O’Hara, senior economist, Chicago Climate Exchange (CCX).
JPMorgan isn't alone. All the big global investment banks - including Barclay's (BCS), Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500), and Merrill Lynch (MER, Fortune 500) - are hurrying into carbon finance. Point Carbon, a consulting firm, says the global carbon markets generated $59 billion in revenues in the first half of 2008 - almost as much as the markets did in all of 2007.
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