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Carbon trading could soon become the biggest commodity market in the world, Chicago Climate Exchange (CCX) founder Richard Sandor told the Energy Risk USA conference in Houston yesterday.
Emissions are already the largest commodity type traded in Europe, Sandor said, with open interest of around 910,000 contracts compared with the second largest, Brent crude oil, which settled above 800,000 contracts (at 817,977 contracts) for the first time in January this year.
Pointing out that global open interest in emissions is second only to West Texas Intermediate crude oil, Sandor added:
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