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An integrated approach for choosing among energy supply- and demand-side measures shows that, compared to business-as-usual demand patterns, global greenhouse-gas emissions can be reduced well below current levels with net economic benefits to society. Given these findings, a 'wait-and-see' stance towards new initiatives in energy and environmental policy is not economically justifiable. Achieving significant emissions reductions, however, will require commitments to policies aimed at enabling energy markets to function more efficiently and supporting legislation where market forces do not suffice.
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