by Daphne Wysham As the Kyoto Protocol comes into force this month, a carbon rush is gaining steam in the financial industry. Investors predict that carbon could become one of the largest markets in the world, with a trading volume of $60 billion to $250 billion by 2008. Supporters assert emissions trading allows the invisible hand of the market to do what the “command and control” approach to regulation of greenhouse gas emissions can not; that is, meet and even exceed expectations of emissions reductions. Critics charge that carbon trading is a smokescreen: At best, it will represent a (more...)

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