The International Emissions Trading Association issued April 17 a master agreement that will aid development of cap and trade systems around the world and make it easier for them to link together. The association published variant contracts for trading in credits under the Kyoto Protocol and by Australia’s and California’s cap and trade schemes; the master agreement was the first standard agreement to be prepared in line with the legal requirements of the third phase of the European Union Emissions Trading System, which begins next year and runs through 2020.