Brussels displays firmness on global warming

The weekly evaluates Europe's emissions-trading scheme (ETS). "So far the commission has ruled on the plans of only ten of the 25 EU members. Six countries have not yet bothered to file their plans, five months after the supposed deadline; France is promising to resubmit its proposals. Nor is the commission's verdict the final word. There will be months of revisions and haggling before the shape of the second phase is clear. Nonetheless Kate Hampton of Climate Change Capital, an investment bank that specialises in emissions trading, argues that the commission has at least shown that it is determined to be a 'credible regulator'. That might encourage other countries to imitate the ETS, or even to join it. ... Indeed, Europe's example might just pave the way for a worthy successor to Kyoto, which expires in 2012 - so long as the commission manages to keep Europe's recalcitrant governments in line."

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