As part of the Ifri Energy Program, a seminar with Sarah Ladislaw, Senior Fellow, Energy and National Security Program, CSIS, Whashington, Oliver Sartor, Senior Fellow, European Climate Policy, CDC Climat, Paris, and Isabelle Curien, Carbon Analyst, Commodities Research, Global Market, Deutsche Bank, France. Chaired by Maïté Jaureguy-Naudin, Research Fellow and Project Manager. Discussants: William C. Ramsay, Senior Fellow and Director of the Ifri Energy Program and Jacques Lesourne, Chairman of the Scientific Committee of the Ifri Energy Program

Carbon markets are facing an increasing amount of challenges whether in Europe after many and various attacks -VAT fraud, hackers, reuse of CERs , plus falling demand following the recession - or in the US where many initiatives are threatened by the new Congress. This seminar intends to give a broad overview of the status of carbon markets across the world. Sarah Ladislaw, an energy expert at CSIS will address the state of the RGGI, the California work, the sentiment in Congress or that of recently elected state level officials and why the CCX in Chicago went out of the business and what that means. She will give us a perspective of the bottom up actions in the US. Oliver Sartor, research fellow at the CDC climat, will describe the status of the EU ETS prior to enter the 3rd phasis and the new rules to expect, how is ETS faring after the market crash in 2008-9 and the theft of permits from some European markets. To conclude these presentations, Isabelle Currien, Carbon Analyst with the Deutsche Bank, will focus on the CDM market whose future is one of the stakes in international climate negotiations. She will examine in particular the impact of new rules under the EU ETS on the development of CDM projects.