01 December 2006, The Economist

Compressed

On November 29 the European Commission proposed more exacting limits on the amount of carbon dioxide and other green house gases that European firms will be allowed to emit in future. The EC has ruled on 10 of the 26 EU members. Six countries have not yet filed their plans; France is to resubmit its proposals.

"There will be months of revision and haggling (by EU members and the EC) 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 it is determined to be a 'credible regulator'."

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