Using a combination of desk research and quantitative approach, this chapter assesses Turkey's obligations deriving from the Kyoto Protocol, and other international arrangements with a specific focus on carbon trade. The desk research involves reviewing Turkey's greenhouse gas emission and her responsibilities with regard to the aforementioned protocol and arrangements. Whereas the quantitative approach includes an estimation of Turkey's emission reduction potential. The assessment shows that while not having any binding commitment to reduce greenhouse emissions deriving from the protocol, Turkey recognizes her responsibilities originating from the arrangements. Accordingly, Turkey implements various policies including voluntary emission trade initiated in 2005. Yet, the progress has been rather slow, among other reasons, due to inadequate legal infrastructure and high level of emission in the Turkish energy sector. This chapter cautions that unless the necessary legal adjustments, particularly in the Turkish tax law, are made, the carbon trade in Turkey is likely to be exposed to the carbon trade fraud once experienced within the EU Emission Trading System. Nevertheless, Turkey has accumulated significant experience through the voluntary emission trade so far. Based upon 2013 data, Turkey has a potential of reducing 20 million tons greenhouse gas emission with market value of $ 80 million yearly by revitalizing 308 small and large scale renewable energy projects.