The debate about the existence and causes of global warming -- and the role that developed and developing countries and corporations should play in reducing carbon emissions -- rages on as we reach the midway point of the Copenhagen climate change summit. 

Now, there are conflicting and passionate scientific and political arguments on all sides of the multiple issues being discussed in Denmark. But all those arguments aside, the stage is still set for the participants to take some modest and meaningful steps toward reducing carbon emissions, promoting renewable energy and focusing more closely on energy efficiency initiatives.

We won't know the extent of any treaty, or any international agreements, until late next week, but that doesn't mean investors can't position themselves now in a couple of great "green" stocks destined to benefit from whatever comes out of Copenhagen.

Two of my favorite, and I think most compelling, green stock plays are "smart grid" equipment makers Itron (ITRI) and Johnson Controls (JCI).

Itron is the best (and purest) play on the growth of the so-called smart grid. It is the No.1 supplier of smart meters and meter infrastructure equipment -- equipment designed to monitor and regulate an electricity grid's energy usage. The company's advanced meters enable two-way communication between customer and power provider, a key requirement for making the power grid smarter.

Johnson Controls is a smart meter maker, but they also are a major battery manufacturer and a leading innovator in electrical storage. The company is developing better lithium, and other advanced batteries for automobiles and the smart grid, and it will be a major player in the sustainable hybrid and electric vehicle industry in the United States.

I expect these two stocks to excel over the next 12 months, so if you can pick up ITRI shares on dips below $64, and JCI shares on dips below $27, I think you'll be well-positioned for some outstanding upside in 2010.

At the time of this writing, Tobin Smith held positions in both ITRI and JCI.

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