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The system of trading carbon credits as a means to meet Kyoto targets for reducing emissions in the industrialised world and for promoting "green" energy in the developing world has been in existence for little over a year. Despite some teething problems, it has started to make a difference to the way companies approach energy issues. Yet, it remains focused on Europe, is vulnerable to corporate and national lobbying and has so far done little to halt the increase in global carbon emissions. Supporters say it is a useful first step, but will it end up being seen as merely a slick marketing gimmick?

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