Abstract

It is a false economy to delay the tough developments in climate policy the world needs to see implemented today. The world's major markets have adapted to addressing climate change as a major issue over the last two decades and trading in emission reduction units has taken hold in several major markets. A painful economic slow down in the developed markets and other more immediate issues caused by rapid growth in major emerging economies have, however, dented the political will to reach the groundbreaking agreements required to enable the climate change programme to make real inroads to achieve the level of reduction the world needs in order to avoid potentially catastrophic long-term effects. Recent studies put the cost of environmental damage and loss of biodiversity and degradation of ecosystems at several trillion dollars;1 but this could be a fraction of the true costs if food and energy shortages become the prevalent economic priority over the years ahead. This article looks at the major trading mechanisms in place and the need to see how those mechanisms must evolve through bold political decisions in the near future.

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