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This volume assesses the effects on the fossil fuel markets of climate change policies. The timespan covered is to the year 2020, and the projections are based on a global economic-environmental simulation model developed by the authors. This model produces projections for global emissions, quantities and prices of fossil fuels and other commodities. Three scenarios are constructed for a world with and without implementation of climate change agreements. These are: the baseline case, Business as Usual, which describes a world which does not adopt specific measures directed against greenhouse gas emissions; Kyoto, which assumes that the Kyoto Protocol is successfully implemented; and the Ambitious Scenario, which postulates that after the first commitment period specified in the Kyoto Protocol (2008-12), a new, more ambitious climate change agreement with targets for developing countries is adopted.