In order to ensure effective performance of a global carbon trading system, a generally accepted procedure for accounting CO2 emissions and sequestration has to appear.
The existing systems for estimating carbon emissions are based on a unified methodological approach, which includes product life cycle analysis (LCA). They include international standards applicable to all types of products, such as ISO 14067, GHG protocol, etc.
The European Space Agency has launched the Copernicus program for the purpose of carbon footprint accounting. Several thousand environmental monitoring satellites are continuously scanning the Earth's atmosphere and record greenhouse gas emissions. Another project is the CARMA satellite-based global monitoring system that record emissions of 50,000 large power generating companies. Smaller regional systems pursuing similar goals are also in operation.