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The paper evaluates the EUETS between 2005 and 2010, finding that while 2008 allocation caps were more stringent than the first trading period, a surplus of allowances later emerged due to the economic crisis. It notes that traded certificates represent a small portion of surrendered allowances, though this share grew in the second phase, and observes that some countries became net importers of EUAs despite having national surpluses.

The document examines the 'CER yield' of CDM projects, finding significant underperformance and variation based on project type, size, and developer. It identifies mis-calculation and implementation delays as the primary drivers of failure, while noting that bilateral projects generally outperform unilateral ones.