The Copenhagen summit failed to deliver the binding multilateral commitment many had hoped for. But the minutiae of carbon markets continue to be debated on a smaller scale, where – as with so much regarding climate change – the key country will be China.
The most important vehicle in carbon trading is the clean development mechanism (CDM). This is the deal struck under the Kyoto Protocol that allows industrialized countries with commitments to reduce their greenhouse gas emissions to invest in projects that reduce emissions in the developing world.
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