11 March 2008, The Independent

What is carbon trading, and will it help in the battle against climate change?

In the Independent's Big Question page environment editor, Michael McCarthy, explains how the carbon markets work:

"People said that the market didn't work, but the subsequent lift in the price shows there has been a learning experience," says James Burnham of Climate Change Capital, an investment bank working with the low-carbon economy. The higher the price of carbon, of course, the better the scheme works - indeed, the price of carbon is one of the key mechanisms for tackling global warming, according to Sir Nicholas Stern, who published his celebrated report on the economic consequences of climate change 18 months ago."

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