It depends on the cap and trade system in question. Some proposed systems are more purist – only completely renewable fuels like solar and wind qualify. The Kyoto Protocol, for one, does not grant credits for nuclear. (Uranium, the fuel for nuclear power, is technically nonrenewable; we have a limited supply, though we are in no danger of running out for hundreds of years.) Others will give credits for nuclear, because it is does have very low emissions, aside from its significant construction emissions.
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