Is climate change the nextnew thing in investing? The issue of global warming is moving up the political agenda as the Obama administration pushes for the introduction of a cap-and-trade scheme to limit U.S. carbon emissions and governments around the world seek to reach a new agreement by the end of this year to contain greenhouse gases. There is no guarantee that these initiatives will succeed, especially in the short run. But climate change promises to exert a growing influence on investment decisions, from whether to fund the development of alternative-energy sources like wind and solar power to how to value the big carbon-emitting industries like automobiles, steel and utilities.
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