Canada dodges carbon bullet | Columnists | Opinion | Toronto Sun

Almost no one wants to buy carbon credits, which are the stock of carbon trading markets, with each credit permitting the bearer to emit one tonne of carbon dioxide through the burning of fossil fuels.

The signs of a looming collapse in carbon markets are everywhere.

Recently, the World Bank warned the international carbon market was on life support outside Europe, valued at a mere $1.5 billion annually, a fraction of its anticipated value.

Last month, HSBC Global Asset Management (Canada) Ltd. announced it was winding up its global climate change fund, due to “the small fund size and relatively small number of unitholders.”

In November 2010 the Chicago Climate Exchange shut down North American trading, although it continues to trade in Europe.