Copenhagen: Derailed by hot air?


The Kyoto Protocol, which created tradable emissions rights in 1997, spawned a market in those rights and a price for ‘carbon’. In the time since, regulation has evolved, market participants have became ever more sophisticated, and the whole business of emissions trading has proliferated.

But there is one issue that we have inherited from the Kyoto Protocol that has been largely ignored until now; in the shadow of the landmark Copenhagen summit, the issue is suddenly at the very centre of the

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