December 2014 - In this issue of CMR, we report on the EU announcing its climate change plans a head of the US and China. We analyse the EU 2030 package und its implications for markets. And we ask what role the carbon markets should play in the 2015 agreement. This latter point is examined from two different angles, with Dirk Forrister, CEO and President of IETA, and Franzjosef Schafhausen, Director General for Climate Policy, European and International Policy, at the German Environment Ministry, putting forth their views and opinions. We also take up the debate on net mitigation and analyse the implications for selected project types, project developers and host countries. Last but not least, we present an overview of the current state of the Chinese emissions trading systems and their offset provisions, written by practitioners from those markets.