Both emission trading systems (ETS) and voluntary carbon markets (VCM) are market-based approaches aimed at reducing greenhouse gas emissions (GHGs) as part of the larger climate change action plans and goals of nations and companies. Whereas the EU ETS was established way back in 2005, an increasing number of countries, or states within countries, including in the Global South, have more recently adopted legislation to facilitate these carbon trading markets. This offers opportunities for lawyers to handhold their clients throughout this dynamic regulatory landscape, as well as play a key role in drafting emissions reduction purchase agreements (ERPAs). This session seeks to provide an overview of the different regulatory regimes, as well as lessons learned from more mature markets, the projected growth and opportunities, the experience with ERPAs and the role of lawyers as their corporate clients increasingly take part in these carbon trading mechanisms.