A gloomy picture for the $125bn global carbon markets has emerged from the annual greenhouse gas (GHG) market sentiment survey conducted for the International Emissions Trading Association (IETA) by PricewaterhouseCoopers, showing growing market frustration with the slow pace of a new climate deal, and low carbon investment. The survey found also that regulatory uncertainty is suppressing low-carbon investment and market players believe that the carbon price will need to be more than EUR40 to limit warming to 2 degrees centigrade, but only one in ten respondents see any real prospect of this emerging in the medium-term. Amongst other key results the survey showed that 72% of respondents said COP15 was bad for carbon market confidence and prospects and no major agreement is expected from COP16 in Cancun, Mexico. However, major players remain convinced that carbon markets, alongside regulation and standards are the best way to drive additional investment in low carbon technology. Available video includes general views of PricewaterhouseCoopers offices.