The McKinsey Quarterly reminds us that despite the lousy balance sheets and toxic assets constantly being marked down by modern financial institutions that we are all now shareholders of through the auspices of the US Congress, the one growth spot is the market for carbon allowances. The class of assets had a 2007 value of €65 billion and are expected to grow to as much as €20,000 billion by 2020.

McKinsey goes on to remind us that banks will play a critical role in developing this market and developing transparency standards.

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