This annual flagship publication by the International Emissions Trading Association (IETA) provides a comprehensive guide to the latest developments in global carbon markets, bringing together market specialists in a series of expert contributions. The report notes that global carbon markets have continued to grow in 2012 despite difficulties in core markets in the European Union. The report finds that new cap-and-trade programmes are emerging, particularly in the Pacific Rim region, as nations embrace the use of market-based mechanisms to reduce emissions. Meanwhile, the United Nations Framework Convention on Climate Change (UNFCCC) is concentrating on the development of a new market mechanism to compliment the existing Clean Development Mechanism (CDM) and Joint Implementation (JI) mechanisms. Alongside this, the Green Climate Fund (GCF) considers avenues and instruments for catalysing investment in climate finance.