Cynics might argue that the US and Russia are leading villains in the global warming piece. But financial Realpolitik suggests that the world’s biggest polluter and Europe’s most polluted country have key roles to play in the fight to cut greenhouse gas emissions.
Certainly Merrill Lynch’s recent decision to plough an estimated $200 million into the Russian Carbon Fund (RCF) indicates that the development of a carbon-trading market in emerging Europe is beginning to gain real momentum. Under the terms of the Kyoto Protocol Joint Implementation directive, rich...
