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Companies and governments turn to emissions trading

Posted 16 September 2008 - 7:35pm

Companies and governments are turning to emissions trading as a weapon to fight climate change, in a carbon market worth US$64 billion last year.

Cap-and-trade schemes force participants -- often energy-intensive industries -- to buy permits to emit greenhouse gases such as carbon dioxide, which is produced from burning fossil fuels. New Zealand's parliament on Wednesday passed the Labour government's climate change bill, which will introduce emissions trading from 2009.

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