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The European Emissions Trading Scheme (EU ETS) is a mandatory compliance programme for large emitters in the 25 European Union Member States, making it the largest corporate emissions trading scheme in the world.
The Clean Development Mechanism (CDM) creates credits Certified Emission Reductions (CERs) from emission abatement projects in developing countries. CERs can be used for compliance in the EU ETS and other national schemes, such as Canada and Japan.
Joint Implementation. (JI) creates credits - Emission Reduction Units (ERUs) - from projects in developed countries that are signatories to the Kyoto Protocol. In practise most JI activity happens in the former CIS (USSR).
There are local domestic schemes for trading carbon in many countries, including the European Union, USA, UK, Canada, New Zealand and Japan.