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</html><thumbnail_url>https://www.ecosystemmarketplace.com/wp-content/uploads/2014/08/img_1299.jpg</thumbnail_url><thumbnail_width>175</thumbnail_width><thumbnail_height>175</thumbnail_height><description>A new report by the Environmental Defense Fund (EDF) gives California&rsquo;s cap-and-trade program high marks for a successful first year. While activity in the offset market was slow to develop in 2013, EDF and other market experts are predicting greater trading activity in the New Year, if the market can overcome the invalidation risk imposed by state regulators.</description></oembed>
