London-based environmental law counsel Mehran Massih was quoted in a Bloomberg article, titled "'Ambitious' Climate Targets Needed to Rescue UN Market, EU Says." Massih said the market is moving “two steps forward and one step back.” New emission reduction targets are needed to back up certified emission reduction credit trading markets in California and Australia, Massih added. “The engine continues to roll. Projects continue to be sponsored. The interest by big carbon funds and energy traders continues," he said.