By Jessica Cheam

THE Energy Studies Institute (ESI) has embarked on what will be a landmark study to understand what Singapore would look like in a carbon-priced world.

The global economy's failure to price carbon, largely regarded as the main culprit for climate change by scientists, has been dubbed the 'greatest market failure the world has ever seen' by British economist Lord Nicholas Stern.

But this looks set to change when world leaders meet in Copenhagen in December to negotiate a global deal that will likely put a cap on pollution and a price on carbon.

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