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  • Brazil Claims First With Carbon Auction

    09/29/2007 1:21:27 PM PDT · by Lorianne · 21 replies · 302+ views
    cron.com ^ | Sept. 26, 2007 | Michael Astor
    RIO DE JANEIRO, Brazil — Brazil's largest city sold millions of dollars worth of carbon credits at an auction Wednesday in a deal that experts said paves the way for developing countries to make money fighting global warming. Brazil's Mercantile and Futures Exchange called Sao Paulo's sale of $18.5 million in carbon credits to Dutch-Belgian Fortis Bank the first such sale to be held on a regulated stock market and a significant step toward institutionalizing the carbon market. Under the Kyoto Treaty on greenhouse gases blamed for global warming, companies that generate large amounts of polluting carbon dioxide and methane...