In 2020, the carbon market is a crucial tool for reducing greenhouse gas emissions worldwide. A new model was created to predict how this market will evolve in the next 10-20 years. By considering market complexities and policy imperfections, the model estimates that global emission cuts of 7 billion tons of CO2 are possible by 2020, but more is needed for substantial progress. Prices for carbon vary from €15 to €30 per ton in different regions like Europe and the US.