The carbon market is the most visible result of early regulatory
efforts to mitigate climate change. Regulation constraining carbon
emissions has spawned an emerging carbon market that was valued at
US$64 billion in 2007. Its biggest success so far has been to send
market signals for the price of mitigating carbon emissions. This, in
turn, has stimulated innovation and carbon abatement worldwide, as
motivated individuals, communities, companies and governments
have cooperated to reduce emissions.