Dr. David Harrison, NERA Senior Vice President and Environment Group Head, participated in this carbon trading summit in New York City on 23-25 June 2008. The summit explored recent developments and opportunities in emissions trading and carbon investment strategies. Dr. Harrison delivered a presentation on recent developments in the European Union Emissions Trading Scheme (EU ETS) and their implications for the development a greenhouse gas emissions trading program in the United States. Dr. Harrison provided a summary of experience in the first two phases of the EU ETS, which end in 2012, and summarized the European Commission proposal regarding Phase III. He considered the key lessons from the EU ETS, including design elements that would be useful to duplicate in a US program as well as design elements that would be problematic for a US program.