Environmental policy, including the Kyoto Protocol, is laden with values. Recognizing this fact can help UNFCCC parties come to agreement. Much of the contention surrounding the post-Kyoto negotiations can be explained through a framework of values. This article summarizes the arguments used by proponents and critics of emissions trading of greenhouse gas emissions under the Kyoto Protocol through such a framework of values. Proponents and critics of emissions trading espouse common values, such as achievement, to work toward ameliorating climate change; there is less agreement on emissions trading seen through values such as responsibility and fairness. As non-Annex I parties are expected to take a more active role in the second commitment period, identifying values held by those working on their behalf will facilitate negotiations and help develop a discourse that is inclusive of their interests. Annex I parties can also benefit from the identification of the values to better convey their interests. All parties can use the values framework identified here to construct a more durable climate change regime.