With President Barack Obama now committed to attending the final days of the Cop15 climate meeting in Copenhagen, the debate over how the world should reduce emissions remains as controversial as ever.
A key component of the deal that is expected to be agreed upon in principle by the end of next week is the formation of a Cap and Trade system. Aimed at capping the level of global carbon emissions the Cap and Trade system will create a market for carbon emissions that will allow the buyer to pay a charge for polluting and the seller to be rewarded for having reduced emissions by more than was needed.
Business leaders from across the world who make up the CNBC Carbon Council have outlined their views on the new system.
While there is division among the politicians, scientists and voters on Cap and Trade and its implications, the business leaders we have spoken to back the system as a cheap, cost-effective way of cutting emissions and giving them the clarity needed to invest.
To help focus the discussion, we talk to a Cap and Trade advocate and skeptic who favors a carbon tax instead.
Patrick Birley is the CEO of European Climate Exchange, which is the world leader in trading of carbon emissions in Europe and the world.