This report finds that in 2011 both economic factors and price competition led many European buyers to the relatively inexpensive market for offsets from Asian clean energy projects. Buyers in the United States purchased more credits than companies in any other country, supporting domestic projects to sustain climate action in the absence of a federal cap-and-trade scheme. Buyers in developing countries purchased locally to green their end of a supply chain as exporters or to prepare for domestic greenhouse gas (GHG) regulations. The report shows that voluntary market value increased to US $576 million in 2011. Although credits from REDD projects dropped 59 per cent from 2010, its still-significant transactions and above-average price yielded the highest value of any project type. For the first time in this report series, Africa boasted elevated status as the third largest supply location for transacted credits – attracting US$60 million to projects in the region.