Table of contents 1 Introduction 2 Climate change and the role of carbon credits: an overview 3. Introduction to carbon markets 3.1. ‘The compliance market 3.2. Introduction to the voluntary market 4 Trends in demand and supply in the carbon markets 5 Selling credits in advance: Ex-ante credits and Emission Reduction Purchase Agreements (ERPAs) 6 Carbon credit prices and what determines them 6.1 Prices of offset credits on the compliance market 6.2 Prices on the voluntary market 7 Development of a carbon project: the different stages of the process 8 The players in the carbon industry: who's who, and who do you really need? 8.1 Which services do you need from others? 8.2 The different actors in the carbon finance value chain 9 Carbon credits from land use, land use change and forestry: a special case 9.1 Different cypes of forestry projects 9.2 Forestry and the CDM. 9.3. Carbon sequestration and the voluntary market 9.4 Conclusion: how and where to sel foresry projects? 10 A comparison of certification standards 10.1 How to choose a standard: steps to take and decision criteria 10.2. The cost of certification 10.3. A comparison of standards 10.4 Conclusions: which standard to choose? B 19 19 "4 3A a a7 a 50 59 63 6 6 5 78 7” 84 86 91 1 94 104