Review of the state and trends of the emerging carbon market as of November 2003, based on material provided by Evolution Markets LLC, Natsource LLC and PointCarbon, and on direct interviews with market participants. Covers both project-based emission reduction transactions, whereby a buyer participates in the financing of a project which reduces greenhouse gases (GHGs) emissions compared with what would have happened otherwise, and gets some of the emission reductions (ERs) thus generated in return; and trades of GHG emission allowances allocated under existing, or incoming, cap-and-trade GHG emissions control regimes.
