While the U.N. Climate Summit in Copenhagen is unlikely to produce a global agreement binding on businesses, the momentum is clearly behind restrictions on carbon output, writes Peter Lacy, a sustainability expert with Accenture. Governments have just three tools to cut greenhouse-gas emissions, he points out: regulations, mandating a price for emitting carbon and using steps such as subsidies to direct public investment. Now is the time to understand where a company or its rival might have a comparative advantage in the coming climate-sensitive business environment, Lacy writes.

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