The energy modernisation imperative

When the Government published its draft climate change strategy in March, Ministers encouraged the view that their programme for reducing emissions of greenhouse gases was so far-reaching that the UK might make a healthy few bucks by selling surplus emission credits in an international trading regime towards the end of the decade. Close scrutiny of the draft strategy indicated, however, that the emission surplus was unlikely to be anything like as large as they were suggesting - and the national target of a 20% reduction in emissions of carbon dioxide by 2010 well out of reach on existing policies.

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