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As global carbon-trading market stumbles, investors think locally

Vibhav Nuwal was once an enthusiastic supporter of the global carbon market. The Indian-born banker started in September 2009 to develop carbon credits, targeted at investors in Europe and Japan, for Mumbai-based private-equity fund Managing Emissions. Less than a year later, he quit his job, convinced that the United Nations failure to broker a global agreement to reduce greenhouse-gas emissions meant that the carbon credit market was effectively dead.

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