Irish Carbon Credit trader EcoSecurities today said that it intends to float on AIM, with speculation that it could a fetch a price tag of some €200m. If it goes ahead, it will be joining "Trading Emissions" which listed earlier this year.

Both companies will be looking for the price of carbon to rise substantially from the EUR 21 - 24 range where it has been stuck for a few months. Trading Emissions - I suspect - would like to see a return the early volatility since the launch of carbon trading in Europe in December 2004.

I have more than a few doubts about carbon trading - a highly artificial market. A key question is whether it will be sustained beyond the period of 2012 and extended outside of Europe. A more pressing issue will be that Britain may suspend carbon trading if - as some have predicted - a harsh winter leads to blackouts.