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So much will be written, has already been written, about this historic US election that it seems pointless to add to the cacophony, but there really is nothing else that warrants writing about right now. The EU carbon price may be elegantly swan-diving and the reasons are interesting, but if there is one thing that will positively affect the future of the global carbon market it’s tonight’s result.

If the US elects Obama and we witness the dawn a new era in international relations in the US then the chances of working out a new climate deal are substantially improved.  But, as with the last one, with regard to the nature of that deal what the US wants it will almost certainly get – such is the importance that everyone – Europe, China, India, Africa - places on getting them back in the game. Not only because they are such a huge source of emissions but also because the US has such a fantastic track record in incubating and commercialising new technologies.