Carbon trading can also be partly conducted by “offsetting-certificates”. Carbon offsets are realised by financing projects that drive emissions savings and compensate for emitted greenhouse gases (Gilbertson and Reyes, 2009). In relation to this, companies may also create new carbon credits by investing in climate-mitigating projects, such as renewable power plants or reforestation. Buyers and sellers can exchange certificates directly through organised exchanges or through intermediaries, e.g. over-the-counter (OTC) h ading or auctioning (EC, 2016).