| 1 Table of Contents 6
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| 1.1 List of Tables 8
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| 1.2 List of Figures 9
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| 2 Introduction 10
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| 2.1 Greenhouse Gas (GHG) Emissions and Their Impact on Global Carbon Trading Markets 10
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| 2.1.1 Impact of Greenhouse Gases on Ecology 10
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| 2.1.2 Naturally Occurring Carbon Cycle 11
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| 2.1.3 Global Initiatives to Reduce Carbon Footprint 12
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| 3 Origins of Carbon Trading Market and Exchanges 14
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| 3.1 Evolution of Carbon Trading Market 14
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| 3.2 Global and Regional Carbon Exchanges 15
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| 4 Kyoto Protocol, a Precursor of Emissions Trading Systems 17
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| 4.1 Clean Development Mechanisms (CDM) 19
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| 4.1.1 CDM Project Activity Cycle 20
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| 4.1.2 Joint Implementation (JI) and Assigned Amount Unit (AAU) 20
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| 4.1.3 Emission Trading 28
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| 5 Global Carbon Trading Market: Dynamics and Statistics 29
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| 5.1 Global Carbon Trading Market Overview 29
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| 5.2 Global Allowance Markets 31
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| 5.2.1 The EU Emission Trading Scheme: Still the Most Prominent Carbon Market 32
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| 5.2.2 The US Market 33
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| 5.2.3 The Australian Market 35
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| 5.3 Global Project-based Market 36
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| 5.3.1 Primary Project-based Market 37
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| 5.3.2 Secondary Project-based Market 56
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| 5.4 Post 2012 Market Uncertainty: Scenario Based Forecast to 2020 57
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| 5.4.1 Linear Growth: Moderate Market with Current Programs and Policies 57
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| 5.4.2 Scaling Up: Implementation of US Cap-and-Trade Program and EU Integrated Systems 59
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| 5.4.3 Global Reach: Collaboration of EU, the US and Developing Nations 61
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| 6 Global Carbon Credits Market Policy Framework Facilitating Emissions Trading 63
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| 6.1 Overview of Regulatory Framework for Emission Trading Systems 63
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| 6.1.1 American Clean Energy and Security Act and its Implications 63
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| 6.1.2 European Union’s Climate Change Policy 64
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| 6.1.3 Climate Change Initiatives in Canada and Prospects for Emissions Trading 67
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| 6.1.4 Australia’s Climate Change Initiatives will Aid the Emission Trading Mechanism 67
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| 6.2 Increasing Role of International Emissions Trading and International Emissions Trading Association (IETA) in Boosting the Market 68
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| 6.2.1 Objectives of IETA 68
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| 6.2.2 Programs by IETA 68
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| 6.3 Various Regulatory Frameworks and Regional Initiatives in the US 69
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| 6.3.1 American Clean Energy and Security Act of 2009 70
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| 6.3.2 Regional Greenhouse Gas Initiative (RGGI) in the US 71
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| 6.3.3 California Global Warming Solutions Act of 2006 AB 32 73
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| 6.3.4 Western Climate Initiative (WCI) 73
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| 6.3.5 Midwestern Regional GHG Reduction Accord (MGGRA) 74
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| 6.3.6 EPA Climate Leaders 74
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| 6.3.7 Hawaii Global Warming Solutions Act of 2007 74
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| 6.4 European Union Emissions Trading System Promotes Emissions Trading Market 75
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| 6.4.1 EU ETS 75
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| 6.4.2 Revised EU ETS 75
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| 6.5 Japan’s Keidanren Voluntary Action Plan and Other Voluntary Markets 77
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| 6.6 Emission Reduction Schemes of Australia 78
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| 6.6.1 New South Wales Greenhouse Gas Abatement Scheme 78
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| 6.6.2 Greenhouse Challenge Plus 78
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| 6.6.3 Carbon Pollution Reduction Scheme 78
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| 6.7 Canadian Government’s Measures and Initiatives Drive Carbon Trading 79
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| 6.8 Global Carbon Credits Standards 79
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| 6.8.1 American Carbon Registry Standard 80
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| 6.8.2 The Climate Action Reserve Protocols 81
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| 6.8.3 The CarbonFix Standard 81
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| 6.8.4 Chicago Climate Exchange Offsets Program 81
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| 6.8.5 Climate, Community, and Biodiversity Standards 81
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| 6.8.6 EPA Climate Leaders Offset Guidance 81
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| 6.8.7 Greenhouse Gas Services Standard 81
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| 6.8.8 The Gold Standard 82
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| 6.8.9 Greenhouse Friendly 82
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| 6.8.10 ISO 14064 Standards 82
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| 6.8.11 Plan Vivo 82
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| 6.8.12 Social Carbon Standard 82
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| 6.8.13 TUV NORD Climate Change Standard and VER+ Standard 82
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| 6.8.14 Voluntary Carbon Standard 83
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| 7 Competitive Landscape of Emission Trading Companies 84
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| 7.1 3 Degrees Incorporated 84
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| 7.2 APX Incorporated 84
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| 7.3 Baker & McKenzie 84
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| 7.4 Blue Source 84
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| 7.5 CantorCO2e 84
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| 7.6 Climate Focus 85
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| 7.7 Credit Suisse 85
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| 7.8 EcoSecurities Group 85
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| 7.9 Equator LLC 85
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| 7.10 MGM International 85
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| 7.11 Natsource 85
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| 7.12 RNK Capital LLC 86
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| 7.13 Sterling Planet, Incorporated 86
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| 7.14 Tradition Financial Services/TFS Energy/TFS Green 86
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| 7.15 TUV SUD America 86
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| 8 Corporate Sustainability in a Changing Landscape 87
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| 8.1 Carbon Exposure Risks 87
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| 8.2 Carbon Exposure Opportunities 88
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| 8.3 Carbon Emission Intensity by Sector 88
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| 8.4 Companies are Expanding the Horizons of Sustainability Practices — New Initiatives in Carbon Sustainability 89
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| 8.4.1 Chevron Corporation — Multifaceted Response to Climate Change 89
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| 8.4.2 Walmart Stores, Inc. — Sustainability Mandate throughout the Supply Chain 91
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| 8.4.3 General Electric Co. — Ecomagination Initiative, Revenue Opportunities from Climate Change Solutions 92
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| 9 Appendix 94
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| 9.1 About GBI Research 94
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| 9.2 Abbreviations 94
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| 9.3 Methodology 96
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| 9.3.1 Coverage 97
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| 9.3.2 Secondary Research 97
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| 9.3.3 Primary Research 97
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| 9.3.4 Expert Panel Validation 98
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| 9.4 Contact Us 98
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| 9.5 Disclaimer 98 |