In the 90s and early noughties we had expectations on how carbon markets should be designed and what they could deliver. Since then we have hard experience of designing and implementing carbon markets and we have learned some lessons – some expected and some surprising - in doing so. Looking at the experience of the EU Emissions Trading System and the first year of operation of the Regional Greenhouse Gas Initiative some of our original expectations may be need to be adjusted. Given the amount of time we have to drastically reduce our emissions of greenhouse gases and avoid dangerous climate change, how should we respond to this experience and what are the key lessons for those embarking on this process around the world? About Jill Duggan: Jill Duggan is a senior fellow with the World Resources Institute’s Climate and Energy Program. She has extensive experience in emissions trading and climate change policy. She managed the UK’s pilot emissions trading scheme from 2003-2005 and was the UK’s cross Government lead for the 2008-2012 phase of the EU Emissions Trading Scheme. As Head of International Emissions Trading she has been working with governments around the world on design and implementation of emissions trading schemes. She has been an advisor to the Western Climate Initiative and on the Steering Committee of the International Carbon Action Partnership (ICAP). The partnership is an initiative by 25 regions, nations, states and provinces to share best practice on design and implementation of emissions trading schemes. Jill has also been involved in the design of a consumer offset standard, in the use of sectoral approaches and in developing country cooperation on climate change policy. Jill Duggan has recently been posted to Washington DC following nearly three years heading the UK Government’s policy work on linking emissions trading systems, and passing on the UK’s experience in designing and implementing cap and trade programmes.