As concern increases over the impacts of climate change, policymakers are seeking cost effective ways to reduce greenhouse gas emissions, which do not undermine the achievement of development objectives. The carbon market, which equates to over US$100 billion annually, is an important part of this quest as it allows those with high costs of abatement to pay others with lower costs to undertake emission-reducing activities. In this way, the overall costs of reducing emissions at a global level can be considerably lowered. As many of these low cost emission reduction opportunities are in developing countries, carbon projects could be beneficial for development as well as for addressing climate change. Carbon projects could offer a way of tapping into additional funds to finance development programs.