The drive to tackle climate change gathered pace on Thursday as Morgan Stanley, the investment bank, announced a $3bn plan to invest in the carbon trading market amid mounting evidence that some US states are growing more sympathetic to international action.
The moves come just days before a UK government report is expected to propose a huge expansion of the global market in trading permits for carbon dioxide emissions. It will also propose extending existing mechanisms for western companies to benefit from promoting cleaner energy in poor countries.
A bigger market could offer substantial business opportunities. One recent calculation suggests that global expenditure on curbing the effects of climate change could be worth about $1,000bn (£529bn) within five years of action being agreed.
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