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A global carbon market will more likely underpin a new climate treaty, meant to be agreed this year to replace the Kyoto Protocol, after US support for a national cap and trade scheme. But crashing European carbon prices have hardened concerns that using markets may drive a stop-start fight against climate change.
Trading approaches penalize carbon emissions and fight climate change by forcing energy companies, for example, to buy an allowance or permit for every ton of carbon emissions.
President Barack Obama on Thursday backed a
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