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A new asset class, a new world...

The story really started in 1991. Richard Sandor, chairman of Climate Exchange, attended the Earth Summit at Rio. Scientists and environmentalists laid out the issue of climate change.
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The world wasn’t ready for the message, but some 15 years later they have been proven depressingly accurate! The next key event was the launch of the US SO2 cap and trade scheme in 1995. This is the ‘poster child’ of emission reduction schemes and has lead to a 50% reduction in SO2 emission and stopped acid rain in the US. Once again, Richard Sandor was pivotal in launching the programme.

The next watershed was Kyoto in 1997. The US delegation, led by Al Gore, was successful in putting cap and trade into the protocol, only then for the US to withdraw from the process.

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