Freeman Spogli Institute for International Studies Program on Energy and Sustainable Development Stanford University


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A New Currency: Climate Change and Carbon Credits

Journal Article

David G. Victor
Joshua C. House

Published by
Harvard International Review, Summer 2004

A new currency is emerging in world markets. Unlike the dollars, ruros and yen that trade for tangible goods and human services, money exchanges hands for pollution - particularly emissions of carbon dioxide, which are caused by burning fossil fuels and are the leading cause of global climate change. Carbon credits, as they are called, are poised to transform the world energy system and thus the world economy.