This annual report presents an optimistic view of the carbon market, which grew by 11 per cent in 2011. The report shows that despite the financial crisis and the related oversupply of carbon credits within the EU Emissions Trading Scheme (EU ETS) as a result of economic downturn, plummeting carbon prices and uncertainty about the post 2020 framework, financially motivated transactions continued to grow within the carbon market. However, it underscores that prices fell during 2011. The report indicates that although China remained the largest source of contracted certified emissions reductions (CERs), African countries emerged stronger in 2011 and accounted for 21 per cent of post-2012 CERs contracted during the year.