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Although the world's climate change negotiations failed to produce a definitive result, the global determination to reduce greenhouse gas emissions seems unabated. Indeed, in North America regions are taking the lead which George Bush declined. Significantly, the EU's renewable energy directive is now on the statute books. Although weakened from the original concept, it proves that Europe is serious about renewables. Big industry is responding positively, a crucial sign for renewables -- and another signal that political goodwill is vital for market stability.

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