Produced for Economic Perspectives on Global Sustainability by the International Union for the Conservation of Nature (IUCN) and the Commission on Environment, Economic and Social Policies (CEESP). IATP believes a good understanding of the reasons for the present market and environmental performance of carbon emissions markets can help to assess their long- term viability as a source of predictable, reliable, adequate and new climate finance. This paper gives an overview of that performance and examines emerging new approaches to reducing corporate climate risk and climate liabilities being considered by private investors.