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Problem 1 [6+4]. a) Discuss the Kyoto Protocol; its achievements and failures. [6] b) Express your views on the following statement by Prof. Nicholas Stern:

Problem 1 [6+4].

a) Discuss the Kyoto Protocol; its achievements and failures. [6]

b) Express your views on the following statement by Prof. Nicholas Stern: "Climate change could lead to greatest market failure ever." [4]

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