This report provides a comprehensive overview of emissions trading, including its design and implementation. It is a joint product of The World Bank and adelphi, representing the International Carbon Action Partnership (ICAP), with external contributions. The report covers various aspects of emissions trading, including its benefits, challenges, and best practices. It also provides examples of successful emissions trading programs from around the world. Overall, the report serves as a valuable resource for policymakers, practitioners, and researchers interested in emissions trading.