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World Bank Eyes Network of CO2 Markets in Make-or-Break Decade

Emerging nations are growing increasingly interested in using market-based mechanisms to fight climate change and may become the “incubator” for a network of new emissions-trading programs, according to the World Bank.

As many as 20 countries worldwide are considering the introduction of programs that would reduce greenhouse gases and create tradable pollution permits, said Andrew Steer, World Bank special envoy for climate change. The bank last week approved the first grants to developing nations to help them analyze and design emissions plans that could boost the $142 billion global carbon market after it shrank for the first time in 2010.