CITIZEN POWER ALLIANCE

What is the connection between the bankrupt Lehman Brothers and the likelihood that in four years' time our electricity bills will jump another 25 per cent (on top of the rises likely from soaring coal and gas prices)?

The answer is that, before its collapse, Lehman was pitching to become the leader in the vast trade created by the new worldwide regulatory system to "fight climate change" by curbing emissions of carbon dioxide.

The biggest money-spinners will be the schemes whereby industry will pay for permits to emit CO2 at so much a ton, either directly to governments or by buying them on an international market.

This market, soon to be worth trillions of pounds, was where Lehman hoped to be "the prime brokerage for emissions permits", as it set out in two hefty reports on "The Business of Climate Change".

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