The annual report on State and Trends of the Carbon Market 2012 presents an optimistic view of the carbon market, which despite adverse conditions, still grew by 11% in 2011, amounting to US$176 billion with US$10.3 billion tons of carbon dioxide equivalent (CO2e) traded during 2011. The report was launched by the World Bank during the Carbon Expo 2012, taking place from 30 May - 1 June 2012, in Cologne, Germany. It shows that despite the financial crisis and the related oversupply of carbon credits within the EU Emissions Trading Scheme (EU ETS) as a result of economic downturn, as well as plummeting carbon prices and uncertainty about the post 2020 framework, financially motivated transactions continued to grow within the carbon market.