Forest carbon markets have managed to garner $150 million so far and 21 million tonnes in trades, growing fivehold since 2006, according to the newly issued State of the Forest Carbon Markets 2009 report.

The market was worth $37.1 million in 2008, after rising to $40.5 million a year before and from $7.6 million in 2006, according to Ecosystem Marketplace, the report’s authors.

The report said the forest carbon market was worth $21 million in the first half of 2009.

“At the end of 2009, the market for forest carbon stands in an uncertain position on the verge of potentially enormous growth,” the report said. ”Amidst this scene of opportunity and risk, investors are still eyeing forest carbon, though many are waiting on more definite regulatory signals before taking a financial leap.”

A proposed mechanism, REDD+, was seen as one of the only bright spots going into the Copenhagen negotiations. That has been put on hold until there are more advances on a broader deal, but a REDD deal is expected much sooner than a global legally-binding climate change agreement.

At Copenhagen, the U.S. pledged $1 billion towards the mechanism to reduce emissions from deforestation and degradation (REDD). Other countries - Australia, France, Japan, Norway and Britain - have also committed to the $3.5 billion scheme.