r />Union Emissions Trading System (EU ETS) and collapse of the US mortgage markets. At the time ofwriting, the financial markets are still in a precarious condition. The fallout in carbon markets has followed suit, as European Union Allowances (EUAs) have experienced a fall of more than 60 % in value from their highest levels. In addition to a loss of stability, carbon markets have experienced the outright departure of key participants: many financial institutions have left the businesses of carbon trading, sourcing of offsets, and risk interm