Brazil's Carbon Credit Deal May Kickstart Market

"Brazil's largest city sold millions of dollars worth of carbon credits at an auction Wednesday in a deal that experts said paves the way for developing countries to make money fighting global warming."

"Brazil's Mercantile and Futures Exchange called Sao Paulo's sale of $18.5 million in carbon credits to Dutch-Belgian Fortis Bank the first such sale to be held on a regulated stock market and a significant step toward institutionalizing the carbon market."

"Fortis Bank beat out 13 competing bids to win the rights to emit 808,450 metric tons (891,163 U.S. tons) of carbon dioxide with an offer of $22.90 per metric ton, the exchange said in statement."

"The World Bank says the global carbon market -- where government and industry limits on carbon dioxide emissions are traded like credits -- tripled from $7.9 billion in 2005 to $24.4 billion last year."