U.S. Carbon Trading Goes Up in Smoke

BusinessWeek
Nov. 29, 2010

Just three years ago, George H. Stein, a managing director at New York-based recruiter Commodity Talent, was seeing a brisk volume in calls from Wall Streeters looking to make a career switch. While oil traders were getting pilloried on Capitol Hill, a new line of work promised to deliver wealth and social benefits: buying and selling carbon permits in the emerging market designed to control global warming pollution. "There was such a great deal of interest in carbon trading," recalls Stein.

U.S. states were uniting to go on low-carbon diets. Companies were stepping up their own with targets. The Congressional Budget Office estimated that under a cap-and-trade plan, the U.S. market for the permits, which companies would need in order to emit CO2, could be worth as much as $300 billion by 2020. Today, with prospects for a federal cap-and-trade program dead and prices in voluntary carbon markets in the U.S. collapsing, "Carbon traders are calling to ask me what they should do now," says Stein.

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