This report provides an overview of existing and emerging GHG trading schemes, analyses the political challenges of different schemes, and discusses lessons learned across the systems. These relate to the role of the political and economic context for establishing emissions trading schemes, the system design and the schemes implementation. The report analyses schemes in Europe (EU ETS), North America (the WCI and RGGI), Australia, New Zealand, Japan (regional), China (regional), and South Korea.

This paper has been prepared as part of a series in a CS project in collaboration with the Institute for Global Environmental Strategies, Japan.The synthesis of the paper series provides an overview analysis of how climate action is developing internationally, with a particular focus on the role of and lessons from emissions trading, and potential implications.