Global greenhouse gas emissions have grown markedly since pre-industrial times, with a 70% increase from 1970 to 2004 alone. If the benefits of avoided climate change are taken into account and a “carbon price” is established for each unit of greenhouse gas emissions, this could create incentives for producers and consumers to significantly invest in products, technologies and processes which emit less greenhouse gases. The resulting mitigation potential is substantial and could offset the projected growth of global emissions over the coming decades or reduce emissions below current levels. Mitigation measures could contribute to stabilizing the concentration of greenhouse gases in the atmosphere by 2100 or later.