Copenhagen: Derailed by hot air?
There is a skeleton in the Kyoto Protocol’s closet, and it has the potential to spook the Copenhagen talks, says Andreas Arvanitakis of Point Carbon
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
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