On the other hand, as one reads through this newsletter, one can see a number of clear pointers as to how the future is likely to look. These are:

• In the developed World the flag ship of global climate change regulation will be market based particularly cap and trade – see Australia, Japan, New Zealand and the US.
• Offsets seem to be envisaged as part of these schemes. The big question is will this be a common system of offsets under the UN, particularly the CDM, or a non-uniform country-by-country approach?
• Much work is underway to influence the design of such cap and trade schemes so that in due course they may come together to form a global carbon market – see UK Government publishes reports on linking the international carbon markets.
• Forestry and REDD are a key part of the debate and design of these schemes.
• Other key policy measures are emerging eg, mandatory GHG reporting (Australia), Energy Efficiency (Singapore and Poland) and the development of regulatory regimes in respect of CCS (UK and Germany).