Acknowledgements Foreword by Sir Nicholas Stern List of Acronyms and Abbreviations Introduction 1 Climate Change 2 Emissions Trading: A New Tool for Environmental Management 3 The Kyoto Protocol 4 The EU Emissions Trading Scheme 5 US Carbon Markets 6 Emissions Trading in Australia 7 Other Emerging Mandatory Schemes 8 Voluntary Offsetting Market 9 Conclusion: Carbon Markets in the Age of Uncertainty Index

'Carbon markets are key to fighting climate change cost-effectively. This guide is timely as more and more countries follow Europe's lead in developing cap and trade systems. Linked together, these will establish a global carbon market over the coming years.' Stavros Dimas, European Commissioner for the Environment 'This book provides valuable insights into carbon markets, an important determinant of measures to mitigate emissions of greenhouse gases.' R.K. Pachauri, Chairman, Intergovernmental Panel on Climate Change (IPCC) 'The creation of political will require strong and powerful arguments. That is the responsibility of us all and an important contribution of this book.' From the Foreword by Nicholas Stern 'Get this book, round up an accomplished professor, and spend a full semester together dissecting the contents. You are likely to emerge as a greenhouse gas emissions trading expert. ...[The authors] do not miss a beat.' Crosslands Bulletin 'This well-written volume provides excellent background on the evolving area of carbon markets...Few publications address the relatively new issue of worldwide carbon markets so thoroughly' S. Dutta, Choice. 'Thought-provoking and convincing ... Highly recommended.' S. Dutta, Choice. 'This book strikes me as the first genuinely comprehensive - i.e. this is the only one you need - book on the subject.' Dan Lewis, research director with the Economic Research Council, in E&T Magazine 'After having rea through Brohe et al., any reader 'with no prior experience' will have a good overview of climate policies of the early 2000s' Axel Michaelowa, Climate Policy ' I find it interesting that it is possible to create an entirely new market for a specific social purpose, whereas we are used to being told that 'the market' is a forece beyond political control.' Kristian Ravnkilde, WEM.