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New hope on global warming / Heherson Alvarez and John Topping, Jr., Project syndicate, 23/11/2011http://www.project-syndicate.org/commentary/alvarez1/EnglishIn 1997, the United Nations Framework Convention on Climate Change (UNFCCC) adopted the Kyoto Protocol – an agreement among signatory states to reduce greenhouse-gas emissions. In 2012, however, the Clean Development Mechanism, a system of carbon credits in which each credit represents a country’s right to emit one ton of carbon dioxide (CO2), is set to expire. While policymakers struggle to extend it, carbon-finance specialists are seeking market-driven alternatives. Progress on the issue has stalled: at the last two UNFCCC conferences in Copenhagen and Cancún, members failed to arrive at an agreement on emission cuts...