The past 12 months in the carbon markets have been high in drama – from litigation in the US to regulatory changes and fallout from contentious elections on both sides of the Atlantic, as well as enduring uncertainty as to when China's long-awaited national market will be launched.
However, the winners of this year's Annual Market Rankings broadly agree that, following a period of turbulence for the markets that has its origins in the 2008 financial crisis, there are signs that recent structural changes could create the basis for a period of relative stability.
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