ABSTRACT
On the international scene, developments in 2003 could be summarised in somewhat cynical language as 'waiting for Russia'. With respect to the Kyoto Protocol, Russian wavering over ratification continued to cast shadows on the future of the international climate regime in 2003. On the basis of reports stating that several fairly large Clean Development Mechanism contracts had been signed in late 2002, people assumed in the beginning of 2003 that activity would remain at a relatively high level throughout the year. In total, about 600 trades had been recorded up to the end of 2003. Even though the first forward trade in European Union allowances was announced in February 2003, trades in 2003 were few and far between. Even though analysis shows that traded volumes decreased somewhat from 2002 to 2003, there was a healthy development when measured in monetary terms.
