The biomass resources are significant in the Baltic Sea Region. However, the utilisation rate as well as the price level differs a lot from country to country. Most of biomass based fuels are utilised locally within short transportation distances. There has already been some international wood fuel trade, mainly in refined form (e.g. wood pellets), but also as wood fuels like logs and chips. The majority of this fuel trade is directed from the Baltic States to the Nordic countries.The new situation, which came along with the emission trading started in the beginning of 2005, will make the business situation more complex. In some cases it may be more economical to invest in another country, so that the product to be traded would be electricity, or even emission allowances. In addition, new business concepts may be needed for this emerging market. The EU Emission Trading system has brought new challenges, but also new opportunities for the energy market in the Baltic Sea Region (BSR) countries. Typically in some EU countries the decreasing of greenhouse gas emissions tends to be more expensive to achieve than in the others.The objective of the ET-Bioenergy project is to define a set of best business practices for international bioenergy trade whether in the form of fuel, energy or emission allowances. The project partners are research organisations and universities in different BSR countries. In addition, to assure the usefulness of the results, reference groups have been formed in each participating country, with members from companies, authorities, etc. Achievements: The main results of the project are reports on the status of bioenergy markets, impacts of emission trading, new business concepts, comparisons of different investment options and tentative investment plans for each country/region.