Money for old smoke

This article originally appeared in our sister publication Asia Risk, in the July/August 2006 issue.

Given that Japan is the biggest economy in the world to have signed the Kyoto Protocol on Climate Change, it is hardly surprising that it is perhaps the most active country in Asia in terms of developing trading initiatives to cut greenhouse gas (GHG) emissions.

But it's not the only country developing 'green' trading. An emissions trading exchange is being developed in Singapore; Australia has a c

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