The volume of private finance flowing through the voluntary carbon market has increased significantly over recent years, with an eight-fold rise from around five million to 43 million dollars between 2004 and 2005 alone. A significant proportion of these funds is destined for the developing world. What is likely to happen to all this money? Will it be used to the benefit of the developing world, providing new opportunities for growth and poverty reduction, or will it be used to satisfy commercial and industrial interests in the north, to the detriment of southern interests?