Trading in Air provides a comprehensive insight into opportunities and challenges to achieve greenhouse gas emissions reductions through the carbon markets, with a focus on transition economies. Chapter I tracks the evolution of the global carbon markets. Chapter II discusses the legal framework under the UNFCCC and Kyoto Protocol. Chapter III explores emissions reduction projects under Article 6 of the Kyoto Protocol and, among other things, uses Russia s approach to implementing JI projects as an illustration. Chapter IV considers the future of climate regulation after 2012. The book is an indispensable working tool for regulators, market participants, and other parties interested in climate regulation.