The greenhouse emission reduction credit or "carbon credit" market has become a multibillion-dollar industry for credits issued under the Kyoto Protocol globally and for voluntary reduction credits in the U.S. This market is projected to be worth $2 trillion by 2012, with new legislation, potential litigation, as well as new business opportunities on the horizon. Carbon markets, cap-and-trade systems, legislation, regulation, and litigation will come as governments and businesses continue to address climate change, and Thompson & Knight has experience to deal with these issues as they arise. We recently represented a carbon credit project developer in an international arbitration in a contractual dispute.