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This technical note discusses issues related to carbon markets: Emissions Trading Approaches (Cap-and-Trade, Baseline-and-Credit, and Offsets), Regulatory Framework (Kyoto Protocol), and two key mechanisms of credits creation, Clean Development Mechanism and Joint Implementation; creation and trading of carbon credits (CERs) (markets such as OTC and organized exchanges such as the Chicago Climate Exchange); examples of investors in the carbon market (carbon funds) and carbon indices established; recent developments in the carbon markets in the United States such as the Regional Greenhouse Gas Initiative and the Western Climate Initiative; and investment considerations and factors affecting pricing in the carbon markets.

This case describes how carbon credits are created via planting Mallee Eucalypt trees by CO2 Australia. The case provides useful background to go along with the technical note "Carbon Credit Markets" (UV2543), which discusses in greater detail the regulatory frameworks as well as the various mechanisms that exist to allow carbon credit creation and trading.