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Carbon credits trading and the need to reduce carbon emissions are slowly being accepted as new realities of global business. A number of institutions played crucial role in developing the global carbon market. The World Bank Group, the World Resource Institute, the Institutional Investor’s Group on Climate Change, and the Carbon Disclosure Project are some of the pioneers in developing the global carbon industry. The United States government did not assume the leadership role of the global carbon market as expected by world governments and corporations. The purpose of this study is to analyze the United States government’s position vis-à-vis the global carbon market and explore the leadership role played by other global institutions.