Environmental and Resource Economics This is a post-peer-review, pre-copyedit version of an article published in: Mads Greaker and Cathrine Hagem, 2014, Strategic investment in climate friendly technologies: the impact of permit trade, Environmental and Resource Economics, Publisher Name: Springer Netherlands Print ISSN: 0924-6460 Online ISSN: 1573-1502 ., DOI: https://doi.org/10.1007/s10640-013-9718-z. This manuscript version is made available under the CC-BY-NC-ND 4.0 license, see http://creativecommons.org/licenses/by-nc-nd/4.0/ The definitive publisher-authenticated and formatted version: is available at: https://doi.org/https://doi.org/10.1007/s10640-013-9718-z Strategic Investment in Climate Friendly Technologies: The Impact of Global Emissions Trading Mads Greaker and Cathrine Hagem Postprint version CREE, Frisch Centre, Gaustadalléen 21, 0349 Oslo, Norway. http://www.cree.uio.n