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The energy business is in transition from a cost structure based on fuel and capital to a business that also accounts for the carbon footprint of energy production, transmission and end use. In the European Union (EU), this is already the case, with a liquid and functioning carbon emissions trading market, and with full subscription to the Kyoto Protocol, including use of additionally offsets from projects certified under the Clean Development Mechanism (CDM) and the Joint Implementation (JI) process.
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