Dr. Ellerman will review the performance of the European Union's CO2 Emissions Trading Scheme, which is the world's first CO2 cap-and-trade system and the primary market in the global carbon market. Dr. Ellerman is a lecturer at the Sloan School of Business, where his research focuses on US and European emissions trading and environmental regulations. He coauthored Markets for Clean Air: The U.S. Acid Rain Program with colleagues from MIT Sloan.