In this capacity building effort, the EBRD is targeting emerging emissions trading schemes in Kazakhstan and Ukraine (partner countries) with the aim to increase the preparedness of the countries for emissions trading. The project was performed in collaboration with Thomson Reuters Point Carbon. Phase I of the project included preparation of a detailed description of the domestic cap-and-trade scheme proposed for Kazakhstan. This included a description of the status of the emissions trading scheme, its development process going forward, and likely scenarios/timetables. Phase II of the project involves an in-depth analysis of the potential for linking with external emissions trading schemes, and includes use of abatement cots data to analyze and estimate the potential for domestic demand in the national carbon market. The result of this analysis is to be used to develop a road map for linking the Kazakh ETS with external ETSs.