| GBI Research's report, "The Global Carbon | | | | - 5.3.1 Primary Project-based Market 37 |
| Trading Market - Concepts, Regulations and | | | | - 5.3.2 Secondary Project-based Market 56 |
| Industry Trends to 2020" provides an in-depth | | | | 5.4 Post 2012 Market Uncertainty: Scenario Based |
| analysis on the global carbon trading market. The | | | | Forecast to 2020 57 |
| report provides the latest information on the | | | | - 5.4.1 Linear Growth: Moderate Market with |
| value, volume and price of the emissions traded in | | | | Current Programs and Policies 57 |
| primary project-based mechanisms such as Clean | | | | - 5.4.2 Scaling Up: Implementation of US |
| Development Mechanism (CDM), Joint | | | | Cap-and-Trade Program and EU Integrated |
| Implementation (JI) and secondary CDM, and | | | | Systems 59 |
| allowance markets such as the EU Emission | | | | - 5.4.3 Global Reach: Collaboration of EU, the US |
| Trading System (ETS), New South Wales | | | | and Developing Nations 61 |
| Exchange, Chicago Climate Exchange, the Regional | | | | 6 Global Carbon Credits Market Policy Framework |
| Greenhouse Gas Initiative (RGGI) and Assigned | | | | Facilitating Emissions Trading 63 |
| Amount Units (AAUs). The report provides a | | | | - 6.1 Overview of Regulatory Framework for |
| scenario-based forecast of the carbon market up | | | | Emission Trading Systems 63 |
| to 2020. The report provides an overview on | | | | - 6.1.1 American Clean Energy and Security Act |
| various carbon registries, carbon exchanges and | | | | and its Implications 63 |
| the major companies participating in the carbon | | | | - 6.1.2 European Union's Climate Change Policy 64 |
| trade. The research work provides indispensable | | | | - 6.1.3 Climate Change Initiatives in Canada and |
| assessment of risk and opportunities for the | | | | Prospects for Emissions Trading 67 |
| corporate in the carbon constraint environment. | | | | - 6.1.4 Australia's Climate Change Initiatives will Aid |
| Regulatory efforts to mitigate climate change | | | | the Emission Trading Mechanism 67 |
| have spawned an emerging carbon market that | | | | 6.2 Increasing Role of International Emissions |
| grew at compound annual growth rate (CAGR) of | | | | Trading and International Emissions Trading |
| 89% to reach $138.3 billion in 2009. The EU's | | | | Association (IETA) in Boosting the Market 68 |
| initiatives to build a broad, globally linked carbon | | | | - 6.2.1 Objectives of IETA 68 |
| market, the prospective US Federal cap-and-trade | | | | - 6.2.2 Programs by IETA 68 |
| program and the strong emergence of other | | | | 6.3 Various Regulatory Frameworks and Regional |
| regional market trading mechanisms will drive the | | | | Initiatives in the US 69 |
| carbon market significantly beyond 2012. | | | | - 6.3.1 American Clean Energy and Security Act of |
| Scope | | | | 2009 70 |
| - Key market data on the volume and market | | | | - 6.3.2 Regional Greenhouse Gas Initiative (RGGI) |
| value of carbon allowances, covering both | | | | in the US 71 |
| project-based transactions and allowance-based | | | | - 6.3.3 California Global Warming Solutions Act of |
| transactions from 2004–2009. | | | | 2006 AB 32 73 |
| - Analysis on all global carbon market exchanges | | | | - 6.3.4 Western Climate Initiative (WCI) 73 |
| — the EU Emission Trading System (ETS), | | | | - 6.3.5 Midwestern Regional GHG Reduction |
| New South Wales Exchange, Chicago Climate | | | | Accord (MGGRA) 74 |
| Exchange, the Regional Greenhouse Gas Initiative | | | | - 6.3.6 EPA Climate Leaders 74 |
| (RGGI), Australian Climate Exchange, World Green | | | | - 6.3.7 Hawaii Global Warming Solutions Act of |
| Exchange etc. | | | | 2007 74 |
| - Historic pricing trends for carbon in various | | | | - 6.4 European Union Emissions Trading System |
| exchanges and project-based transactions from | | | | Promotes Emissions Trading Market 75 |
| 2005–2009. | | | | - 6.4.1 EU ETS 75 |
| - Forecasts of the global carbon trading market | | | | - 6.4.2 Revised EU ETS 75 |
| up to 2020 based on likely scenarios that might | | | | 6.5 Japan's Keidanren Voluntary Action Plan and |
| emerge in the future. | | | | Other Voluntary Markets 77 |
| - Impact assessment of key carbon regulations | | | | 6.6 Emission Reduction Schemes of Australia 78 |
| and policies and their impact on the growth of | | | | - 6.6.1 New South Wales Greenhouse Gas |
| global carbon trading market. | | | | Abatement Scheme 78 |
| - Analyzes market-based instruments such as | | | | - 6.6.2 Greenhouse Challenge Plus 78 |
| certifications and standards used in carbon trading | | | | - 6.6.3 Carbon Pollution Reduction Scheme 78 |
| in 2009. | | | | 6.7 Canadian Government's Measures and |
| - Overview on investment firms, infrastructure | | | | Initiatives Drive Carbon Trading 79 |
| and energy service providers, advisory | | | | 6.8 Global Carbon Credits Standards 79 |
| companies, financial firms, brokerage firms, carbon | | | | - 6.8.1 American Carbon Registry Standard 80 |
| solution providers and other auditing firms | | | | - 6.8.2 The Climate Action Reserve Protocols 81 |
| participating in carbon trade. | | | | - 6.8.3 The CarbonFix Standard 81 |
| - Key emission trading companies covered include | | | | - 6.8.4 Chicago Climate Exchange Offsets |
| 3 Degrees Incorporated, APX Incorporated, Baker | | | | Program 81 |
| & McKenzie, Blue Source, CantorCO2e, | | | | - 6.8.5 Climate, Community, and Biodiversity |
| Climate Focus and Credit Suisse | | | | Standards 81 |
| - Assessment of risk and opportunities for the | | | | - 6.8.6 EPA Climate Leaders Offset Guidance 81 |
| corporate in the carbon constraint environment | | | | - 6.8.7 Greenhouse Gas Services Standard 81 |
| Reasons to buy | | | | - 6.8.8 The Gold Standard 82 |
| - Navigate the carbon emission market landscape | | | | - 6.8.9 Greenhouse Friendly 82 |
| through detailed analysis of the current carbon | | | | - 6.8.10 ISO 14064 Standards 82 |
| market dynamics and potential changes | | | | - 6.8.11 Plan Vivo 82 |
| - Identify the most promising geography to invest | | | | - 6.8.12 Social Carbon Standard 82 |
| in energy efficiency and renewable energy | | | | - 6.8.13 TUV NORD Climate Change Standard and |
| projects, in order to minimize carbon taxes. | | | | VER+ Standard 82 |
| - Identify the most promising geography to invest | | | | - 6.8.14 Voluntary Carbon Standard 83 |
| in the unconventional and renewable energy | | | | 7 Competitive Landscape of Emission Trading |
| sectors to minimize carbon taxes. | | | | Companies 84 |
| - Develop custom strategies for different | | | | - 7.1 3 Degrees Incorporated 84 |
| geographies based on the stringency of the | | | | - 7.2 APX Incorporated 84 |
| carbon policy in the respective geography. | | | | - 7.3 Baker & McKenzie 84 |
| - Develop business strategies with the help of | | | | - 7.4 Blue Source 84 |
| specific insights into policy decisions being taken on | | | | - 7.5 CantorCO2e 84 |
| the carbon credits trade by EU 27, the US, | | | | - 7.6 Climate Focus 85 |
| Australia and other developed and emerging | | | | - 7.7 Credit Suisse 85 |
| countries worldwide. | | | | - 7.8 EcoSecurities Group 85 |
| - Identify risks associated with tightening carbon | | | | - 7.9 Equator LLC 85 |
| emission cap and transform them into | | | | - 7.10 MGM International 85 |
| opportunities for future growth. | | | | - 7.11 Natsource 85 |
| 1 Table of Contents 6 | | | | - 7.12 RNK Capital LLC 86 |
| - 1.1 List of Tables 8 | | | | - 7.13 Sterling Planet, Incorporated 86 |
| - 1.2 List of Figures 9 | | | | - 7.14 Tradition Financial Services/TFS Energy |
| 2 Introduction 10 | | | | TFS Green 86 |
| - 2.1 Greenhouse Gas (GHG) Emissions and Their | | | | - 7.15 TUV SUD America 86 |
| Impact on Global Carbon Trading Markets 10 | | | | 8 Corporate Sustainability in a Changing Landscape |
| - 2.1.1 Impact of Greenhouse Gases on Ecology | | | | 87 |
| 10 | | | | - 8.1 Carbon Exposure Risks 87 |
| - 2.1.2 Naturally Occurring Carbon Cycle 11 | | | | - 8.2 Carbon Exposure Opportunities 88 |
| - 2.1.3 Global Initiatives to Reduce Carbon | | | | - 8.3 Carbon Emission Intensity by Sector 88 |
| Footprint 12 | | | | - 8.4 Companies are Expanding the Horizons of |
| 3 Origins of Carbon Trading Market and | | | | Sustainability Practices — New Initiatives in |
| Exchanges 14 | | | | Carbon Sustainability 89 |
| - 3.1 Evolution of Carbon Trading Market 14 | | | | - 8.4.1 Chevron Corporation — Multifaceted |
| - 3.2 Global and Regional Carbon Exchanges 15 | | | | Response to Climate Change 89 |
| 4 Kyoto Protocol, a Precursor of Emissions | | | | - 8.4.2 Walmart Stores, Inc. — Sustainability |
| Trading Systems 17 | | | | Mandate throughout the Supply Chain 91 |
| - 4.1 Clean Development Mechanisms (CDM) 19 | | | | - 8.4.3 General Electric Co. — Ecomagination |
| - 4.1.1 CDM Project Activity Cycle 20 | | | | Initiative, Revenue Opportunities from Climate |
| - 4.1.2 Joint Implementation (JI) and Assigned | | | | Change Solutions 92 |
| Amount Unit (AAU) 20 | | | | 9 Appendix 94 |
| - 4.1.3 Emission Trading 28 | | | | - 9.1 About GBI Research 94 |
| 5 Global Carbon Trading Market: Dynamics and | | | | - 9.2 Abbreviations 94 |
| Statistics 29 | | | | - 9.3 Methodology 96 |
| - 5.1 Global Carbon Trading Market Overview 29 | | | | - 9.3.1 Coverage 97 |
| - 5.2 Global Allowance Markets 31 | | | | - 9.3.2 Secondary Research 97 |
| - 5.2.1 The EU Emission Trading Scheme: Still the | | | | - 9.3.3 Primary Research 97 |
| Most Prominent Carbon Market 32 | | | | - 9.3.4 Expert Panel Validation 98 |
| - 5.2.2 The US Market 33 | | | | 9.4 Contact Us 98 |
| - 5.2.3 The Australian Market 35 | | | | 9. |
| 5.3 Global Project-based Market 36 | | | | |