Is the next, next bubble... in CO2 offsets?

I've been reading in the popular financial press about how the next bubble could be in agriculture, clean energy, commodities and the like.

I wonder if the next, next bubble (or the one after that) will be in CO2 emissions credits.

There is a large and growing market space (~$70B US in 2007) in Europe giving rise to a zoo of exotic and increasingly sophisticated derivatives. Just imagine what could happen as more and more countries inch towards cap-and-trade systems.

http://www.planetark.com/dailynewsstory.cfm/newsid/45481/story.htm

Even the American consumer is starting to get excited about carbon offsets.

http://www.nytimes.com/2007/04/29/weekinreview/29revkin.html

Any quants out there interested in setting up a hedge fund?