Despite the failure of US President George Bush to endorse federal carbon markets, there is still confidence that a cap-and-trade system will eventually emerge in the US.

In a speech prior to the G8 Summit in June, President Bush acknowledged a need for the reduction of greenhouse gas emissions. Yet his proposals lacked solid detail and did not address the idea of a global carbon market.

Instead he announced plans for an 'International Climate Change Framework' in a speech delivered on May 31 to a