The draft of the “Law on Climate Change” and the draft of two by-laws, i.e. the Regulation on National Inventory and the Ordinance on reporting of GHG emissions, were developed and presented to the project working group. With the draft law Serbia is to transpose two directives, one regulation and several implementing decisions related to EU-ETS and MMR. Extensive discussion was held among the stakeholders and views of several NGOs were expressed to include in the draft law also carbon related financial instruments.