Carbon trading at the Montreal Climate Exchange (MCeX) got off to a slow start after its May 30 launch, a struggle some observers believe will continue until a national carbon emissions scheme becomes permanent. A mandatory cap and trade scheme is being drawn up to cover some provinces, but not before 2010.

"The MCeX is unlikely to see a large volume of trading for a good while yet, as firms will have a hard time figuring out what delayed mandatory targets mean for them," says Matthew Bramley