This book concentrates on transactions involving forward carbon credits, in other words transactions where the parties to a contract agree to buy or sell carbon credits to be generated and delivered in the future. As a result, it does not deal either with transactions involving carbon credits already issued for immediate delivery on the spot market or with derivatives in the form of option contracts or future contracts through the developing exchange markets. Whether dealing with the Kyoto Protocol regime or with domestic administrative and legal regimes, this fascinating new area of commerce is still evolving and it is advisable that new developments which may affect current understanding and/or interpretation be followed closely.