Within the KfW/ZEW CO2 Indicator carbon market experts has been asked in early June about their assessment of the state and trends in the carbon market. Questions like price expectations for European Emission Allowances (EUAs) and Certified Emission Reductions (CERs) from the United Nations Clean Development Mechanism (CDM) or the future development of CDM project types and CDM host countries has been addressed. In the June 2009 KfW/ZEW CO2 Indicator the surveys participants were asked additional questions on the future of the CDM. The World Climate Conference, which will be held in December 2009 in Copenhagen, will possibly decide about changes within the CDM framework. Therefore the surveys participants were asked about their assessment of the recent CDM, how it could be improved and what types of projects should be promoted in a CDM framework after 2012.