Lecocq, FranckCapoor, Karan2013-05-142013-05-142005-05https://hdl.handle.net/10986/13411This study reviews the state and trends of the carbon market as of May 2005, based on material provided by Evolution Markets LLC, and Natsource LLC, and based on interviews with a large number of market participants. One of the main findings is the regulatory framework of the carbon market has solidified considerably in the past 12 months, with the start of operations of EU ETS on January 1, 2005 and the entry into force of the Kyoto Protocol on February 16, 2005. While regulatory uncertainty continues, notably for the registration of Clean Development Mechanism (CDM) projects by the CDM Executive Board.en-USCC BY 3.0 IGOAbatementabatement costsAllowance Marketsanecdotal evidenceatmospherebiomassbiomass energyCarboncarbon contractcarbon creditscarbon dioxidecarbon dioxide equivalentcarbon emissionsCarbon FinanceCarbon Finance BusinessCarbon Marketcarbon marketscarbon pricescarbon purchasescarbon revenuescarbon tradingCarbon TransactionsCertified Emission ReductionsClean DevelopmentClean Development MechanismClean Development Mechanism Facilityclean technologiesclimateclimate changeClimate ExchangeClimate TrustCO2commodity modelcycle plantdebtdisbursement scheduleDNAemissionemission reductionemission reduction projectEmission Reduction Unitsemission reductionsemission targetsEmission Tradingemissions allowancesenergy consumptionenergy efficiencyequilibriumexcess emissionsexchange rateForestryfuelfuel switchinggas captureGlobal Climate ChangeGlobal Environmental Facilitygreenhousegreenhouse gasgreenhouse gasesHFC23HFCsincomeinformationInternational EmissionsJoint Implementationlandfilllandfill gasmarketmethaneN2Ooiloil pricespower generationprice indexprice volatilityproperty rightspublic relationspurchase of emission reductionspurchasingpurchasing powerreducing emissionsresinsretailspreadSustainable Developmenttransaction costsutilitiesvalidation stagevoluntary activitiesvoluntary emissionsvoluntary targetswasteWindState and Trends of the Carbon Market 2005World Bank10.1596/13410