An environmental concern

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Environmental issues are surging up the political agenda. At the end of October, former World Bank chief economist Nicholas Stern published an extensive economic study on climate change, which claims global warming represents very serious risks to the economy. This follows the ratification of the Kyoto Protocol treaty on carbon emissions and the start of the European Union's Emissions Trading System, which allows participants to buy and sell carbon credits, in 2005.

The focus on the environme

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