Inhaltsangabe:Introduction:Climate change represents an ongoing threat, not only since it attracted growing media attention in recent years. Therefore, scientists urge to reduce the concentration of carbon dioxide in the atmosphere in order to prevent most disastrous consequences.One method, chosen by the international community to achieve this reduction and therewith mitigate global warming, is via the establishment of so called carbon markets. Most famous example is probably the European Emissions Trade System (EU ETS), where pollution allowances can be exchanged among actors. The reduction then is achieved by the setting of a ceiling or cap by authorities. Besides, there are also voluntary carbon markets where actors aim at reducing emissions with self-imposed targets.Objective of this paper will be to elucidate this unregulated market for carbon commodities and understand its functioning. Since voluntary carbon trading was largely criticised for a lack of quality and transparency, methods to overcome such weaknesses shall be presented and evaluated as well.Beginning with an overview of different systems of carbon trading, the reader will subsequently learn about existing and emerging carbon markets, their characteristics and performance. Notably compliance and non-mandatory schemes will be distinguished. Juxtaposition will allow for evaluating strengths and weaknesses of both systems.For gaining an understanding of the supply chain in the voluntary carbon market and comprehend underlying motivations, a presentation of market players will follow in the second chapter.Based on market actors? motives, a model for ?high quality? carbon commodities will be established in the third part, whereby criticism is also taken into account. An examination of instruments to enhance quality and to overcome shortcomings of non-mandatory markets will be examined in the following.The fourth chapter will provide an evaluation of and an outlook on the beforehand discussed quality mechanisms. Additionally, different scenarios will be developed in order to predict the future of voluntary carbon trading.Inhaltsverzeichnis:Table of Contents:AcknowledgementsiiExecutive SummaryiiiTable of FiguresxTable of BoxesxiAbbreviations and AcronymsxiIntroduction11.An Overview of Existing Carbon Markets21.1Regulated Markets41.1.1The Kyoto Protocol41.1.2European Emissions Trading Scheme61.1.3Other Planned Trading Schemes under the Kyoto []