Global trading of carbon allowances was 68% higher in 2009 than in 2008, say market analysts Point Carbon. But while volumes traded rose to a record 8.2 gigatonnes CO2 equivalent, total market value hardly changed. It rose just €2bn to €94bn in 2009. EU emissions allowances under the EU emissions trading scheme (EU ETS) accounted for 68% of the total trade by volume. This is in sharp contrast to the doubling in market value experienced between 2007 and 2008.