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MICHELIN: You're right that some markets like cars are fairly flat. But even if you don't sell more SUVs next year, the SUVs on the road will still need new tires. Then there's technology, which creates totally new market segments. We make a five-ton tire for mining equipment. It's as wide as this table, and each tire carries 100 tons. But the big opportunities will be in new markets, like Romania, Mexico, Colombia, Brazil and, of course, China...
...floored. I felt like I had just been hit by a ton of the Japanese shampoo and conditioner that Matt uses to style hair—hair that I had once found repulsive, but which now seemed, inexplicably, to beg for my caress...
...inquiry pops up on a CO2e computer screen from a potential customer in India. Nicola Steen, CO2e's vice president and transaction specialist, is pleased. "It doesn't matter where in the world that you reduce a metric ton of carbon dioxide," she says. "If you can reduce emissions from what they otherwise would have been, that's a good thing...
...traded CO2 allowances can change hands immediately. Currently, trading is only in forward contracts, tailored between buyers and sellers for delivery at a future date. Given the stumbling blocks, the fledgling emissions market has yet to achieve much. More than 1 million emissions allowances - each equivalent to one metric ton of CO2 - change hands each week in electronic trading alone, Drummond says. (CO2 is considered the biggest atmosphere offender, but methane, nitrous oxide and three other gases also are due to be traded according to their CO2 equivalents.) Conducted in "clips" of 5,000 metric tons, the typical trade...
...Even so, brokers - there are 11 brokerages involved in various aspects of the market - are optimistic. The price of a metric ton of CO2 has plunged since the ets scheme began officially on Jan. 1 - to less than ?7 from the informal "gray-market" figure of ?13 at the start of 2004 - but has inched upward again, closing at ?7.23 last Friday. The trading system is designed to limit greenhouse gases to specified targets while minimizing compliance costs - and fining offenders, starting at ?40 per ton in April. So if the price is very low, says Drummond, it could...