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The current global carbon markets were effectively created with the ratification of the Kyoto Protocol and the implementation of the European Union Emissions Trading Scheme.The groundbreaking use of a market mechanism to achieve an international environmental goal has been a success: More than 834 million tonnes of greenhouse gases have been reduced since the year 2000.The market has evolved and matured since 2005 and its cummulative financial value since that date is approximately USD 650 billion.The carbon markets are likely to continue to evolve after 2012 and respond to new regulatory frameworks, including the negotiated outcome of the Durban Platform, the mandatory and voluntary emissions trading schemes, i.e.the national ETS in China by 2015, and the new sources of supply, i.e.credits from forestry projects and from certain Nationally Appropriate Mitigation Actions (NAMAs).It will be presented and discussed how these new market-based approaches are to be structured, how long their design and implementation will take, and how they will affect the international supply-demand balance is not clear.