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The oil shock, the credit crunch and the near-collapse of global climate negotiations demand a radical rethink of current policies. Michael Grubb and his co-authors present a path to tackling climate change that can also enhance international and energy security, and help global financial and political adjustment to the rise of the emerging economies. The first of two books of which The Carbon Connectionis the second, this text provides the theoretical empirical and analytical underpinning with sections on investments, incentives and engagement for celaner energy choices.