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Nature 445, 584-585 (8 February 2007) | doi:10.1038/445584a; Published online 7 February 2007

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The corridors of power in the United States are ringing with the phrase 'cap and trade'. But when will carbon markets arrive in America — and what will they look like? Emma Marris investigates.

This article is part of Nature's Climate Change 2007 special.The trading scheme for carbon emissions started in 2005 by the European Union (EU) is far from perfect.