The International Carbon Action Partnership’s (ICAP) Status Report 2017, provides a testament to the evolution of emissions trading from textbook assumptions to the real world. With the launch of China’s national emissions trading system (ETS) later this year, ETS will operate in economies generating close to half of the world’s GDP and covering more than 15% of global emissions. The ICAP Status Report takes stock of the latest developments in emissions trading, providing detailed fact sheets on all systems under consideration or operating worldwide, as well as highlighting major trends and areas of policy debate. This year’s report focuses on three major themes: emissions trading in emerging economies, market stability and international cooperation.