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UN Carbon Market Will Survive Should Kyoto Goals End, EU Says

The United Nation’s carbon market will survive if the Kyoto Protocol greenhouse gas-reduction goals for developed nations expire in 2012 without being immediately renewed, the European Union climate chief said.

The EU, which gives companies in its emissions trading system the right to import credits from the UN’s Clean Development Mechanism, will probably remain that market’s driving force in coming years, said the bloc’s Climate Commissioner Connie Hedegaard. The European cap-and-trade system, the world’s largest, was valued at $119.8 billion last year, according to World Bank estimates.