UTES

The global carbon market is on pace to grow more than 80 percent this year to $116 billion, according to the clean-technology research and analytics firm New Energy Finance. The burgeoning market -- which hinges on the buying and selling of carbon dioxide and other greenhouse gas emissions -- grew almost 36 percent, from $64 billion at the start of January to $87 billion at the end of September. The robust growth is due largely to consistently high prices for carbon allowances and credits in European Union countries that are bound by the Kyoto Protocol cap on heat-trapping gases, which expires in 2012.

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