The document discusses reforms needed for the EU Emissions Trading System (EU ETS) to enhance linking with other carbon markets. The main areas in need of reform include international offsets, coverage of other sectors like forestry and agriculture, legal status of emissions allowances, carbon accounting standards, consistent monitoring reporting and verification, and allocation methods and treatment of industries exposed to international trade. The global carbon market was valued at $126 billion in 2008, with the EU ETS accounting for $92 billion of that total. The market is projected to grow substantially to $175 billion by 2010 and $1 trillion by 2020 as regional trading schemes emerge and link via the Clean Development Mechanism.