Global carbon trading has gained momentum. The Worldwatch Institute, drawing from various studies, places the total value of the trade in 2007 at $59.2 billion, an 80 per cent increase over 2006. As the 2012 deadline for reducing emission levels approaches, the volume of carbon trading will be enormous. Asian countries are the biggest sellers and western countries the biggest buyers. A World Bank report on the 2007 carbon market shows that China has a market share of 61 pe r cent and India 12 per cent.