Carbon Trading heating up

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Recruiters report growing demand for people to trade carbon emissions.

"Carbon trading is just going to get bigger and bigger," says Gary Britnell, a consultant at recruitment firm Morgan Levy. "A lot of organisations are looking at setting up emissions trading desks, or growing the desks they already have."

Since the European Union launched an emissions trading scheme on January 1st last year, around 300m million tons of carbon worth some $7bn have been traded in Europe. The market has considerable potential for growth: Consulting firm ICF Consulting projects the global carbon trading market will be worth €23bn by 2010.

Goldman Sachs is among those looking to benefit. At the end of last year, the bank announced a new environmental policy that included a $1bn (€840m) investment in renewable energy projects, and the expansion of its emissions trading business.

Magid Shenouda, a London-based Goldman managing director responsible for emissions trading, said the bank's customers wanted it to get the market going.

Jakob Bloch, chief executive of recruiter Commodity Appointments, says brokerage firms are adding to carbon trading teams, and that exchanges such as EEX, the German energy exchange, have been hiring marketing staff for carbon trading activities.

In 2004 Cantor Fitzgerald formed C02e, an online brokerage to unit carbon buyers and sellers. Morgan Stanley, Deutsche Bank, BNP Paribas, and ABN AMRO are also understood to have established carbon trading teams.