The Cleantech practitioners at Morrison & Foerster are delighted to share this Quarterly Cleantech Update. This Update profiles the opportunities and risks in the emerging industry of carbon trading, which is predicted to be a trillion dollar market in little more than ten years.

Our Cleantech Group includes more than 100 attorneys from Morrison & Foerster's U.S., European Union and Asian Offices. Our attorneys have been representing energy companies since the 1970s, and in more recent years have concentrated on working with companies and investors in the

Cleantech industry. Active areas of our practice include solar, wind, biofuels and other alternative energy sources, energy efficiency, carbon emission management and credit trading, green building and other sustainability areas such as innovative agriculture and organic foods.

Our Cleantech Group is truly interdisciplinary, including attorneys from corporate, litigation, intellectual property/patents, technology transactions, environmental/land use, tax, energy and other practices to better serve our clients in this growing sector of the global economy.

This Quarterly Cleantech Update has three sections:

1. A feature article on the challenges and opportunities related to a cleantech issue—in this update we focus on 'Evaluation and Ownership of Carbon Value.'

2. An overview of innovative solutions by established corporations, emerging companies, and investors for which Morrison & Foerster's Cleantech attorneys have provided advice and counsel.

3. An invitation to share these insights and representative matters with your colleagues and community of thought leaders.