Over the past decades, carbon commodification has emerged as the chief solution for addressing global climate change. To this end, a range of ‘new’ (Jordan et al. 2003, 2005), often market-based policy instruments have been deployed across many jurisdictions and hailed as credible approaches for addressing climate change (Ellerman and Harrison 2003; Victor et al. 2005; Wara and Victor 2008). Emissions trading schemes, Joint Implementation (JI), regulatorycompliance and voluntary carbon markets, corporate targets, rating and disclosure, are some notable examples of these market-creating policy instruments.