Linacre, NicholasKossoy, AlexandreAmbrosi, Philippe2013-05-142013-05-142011-06https://hdl.handle.net/10986/13400After five consecutive years of robust growth, the total value of the global carbon market stalled at $142 billion. Suffering from the lack of post-2012 regulatory clarity, the value of the primary Clean Development Mechanism (CDM) market fell by double-digits for the third year in a row, ending lower than it was in 2005, the first year of the Kyoto protocol. The Assigned Amount Unit (AAU) and the United States Regional Greenhouse Gas Initiative (RGGI) markets shrank as well. As these segments declined, the dominance of the European Union Allowances (EUAs) market became more pronounced than ever and the share of the carbon market primarily driven by the EU Emissions Trading Scheme (EU ETS) rose to 97 percent, dwarfing the remaining segments of the market. The carbon market growth halted at a particularly inopportune time: 2010 proved to be the hottest on record, while emission levels continued their seemingly inexorable rise. In the end, however, the year may be remembered most for the political opportunities that arose, yet were ultimately failed to materialize in the United States, Japan, Australia, and the Republic of Korea. While the international regulatory environment remains uncertain, national and local initiatives have noticeably picked up and may offer the potential to collectively overcome the international regulatory gap. These initiatives signal that, one way or another, solutions that address the climate challenge will emerge.en-USCC BY 3.0 IGOabatementacidadaptation activitiesAirAllocationAllowanceallowance pricesallowance tradingamount of emissionsannual emissionannual emissionsanthropogenic emissionatmosphereauctionbusiness as usual scenariocap and trade systemsCARBCarboncarbon assetsCarbon Capturecarbon contentCarbon CreditCarbon DioxideCarbon Dioxide Equivalentcarbon economycarbon exchangesCarbon Financecarbon fundscarbon Investmentcarbon leakageCarbon MarketCarbon Market Analystcarbon market developmentcarbon marketscarbon offsetsCarbon Pricecarbon sinkscarbon taxcarbon taxescarbon transactionsCarbon UnitsCarbon_Marketcarbon_priceCertified Emission ReductionCertified Emission ReductionsCH4Clean AirClean Air ActClean DevelopmentClean Development Mechanismclean energyClimateClimate ActionClimate Changeclimate change impactClimate Change LevyClimate Change PoliciesClimate Exchangeclimate legislationclimate policyCoCO2CoalCoal Minecolorscombating climate changeconservation of forestsconvergencecropland managementDebtdeveloped countriesDioxide CarbonDNAdomestic emissionsdomestic offsetsEcosystemelectricityelectricity generationelectricity sectorEmissionemission allowancesemission levelsemission limitationEmission Reductionemission reduction commitmentsemission reduction programsEmission Reduction ProjectEmission Reduction Purchase Agreementemission reduction targetemission reduction targetsEmission Reduction UnitEmission Reduction UnitsEmission Reductionsemission standardsemission targetsemission tradingemission] allowancesEmissionsemissions from aviationEmissions from Deforestationemissions intensityemissions reductionemissions reductionsEnergy Efficiencyenergy efficiency measuresenergy policiesEnergy Savingsenergy securityenvironmentalenvironmental benefitsEnvironmental Improvementenvironmental integrityEnvironmental ProtectionExpendituresfinancial flowsFinancial Instrumentsfinancial supportForestforest carbonforest coverForest DegradationForestryforestry operationsforestry projectsFramework Convention on Climate ChangeFree allocationfreezefuelsGHGglobal carbon marketglobal emissionglobal emissionsGlobal WarmingGreenhouseGreenhouse Gasgreenhouse gas emissiongreenhouse gas emission reductiongreenhouse gas emissionsGreenhouse Gas Reductiongreenhouse gas reduction targetGreenhouse GasesHydrochlorofluorocarbonimpacts of climate changeinternational carbon marketinternational climate change regimeInternational Creditsinternational offsetsinvestment decisionsLand ManagementLand UseLand Use ChangeLandfillLandfill GasLow-carbonmarket mechanismMarket PricesMethaneMitigation ActionsMonetary FundN2ONational Climate Change Policynational forestrynatural gasnegative impactsNitrous OxideNOXnuclear energyODSoffset creditsOffset PricesoiloxidesozoneparticulatespasturesPerfluorocarbonpolicy makersPollutionPollution Reductionportfoliopower generationpower sectorPPPresent Valueprice floorReducing Emissionsregional emissionsRegional Greenhouse Gas InitiativeRenewable Energyrenewable energy sourcesscenariosSecondary MarketsSecuritiesSF6SO2Soil CarbonStreamsSulfursulfur dioxideSulfur Hexafluoridesurface temperaturesustainable developmentsustainable forestsustainable forest managementtotal captotal emissionstotal greenhousetotal greenhouse gastrade systemtrading programstransaction coststransport sectorUNEPurban forestryVoluntary EmissionsWindWind PowerWMOWorld Bank10.1596/13399