Gordon Brown will on Monday throw his weight behind a massive expansion of carbon trading to tackle global warming, rather than raising billions of pounds in green taxes.

The chancellor, flanked by Tony Blair, will useMonday’s release of a report by Sir Nicholas Stern, former World Bank chief economist and a senior UK civil servant, to propose a sweeping overhaul of Europe’s fledgling emissions trading scheme, arguing that climate change is “a global challenge that requires a global solution”.