Mixed Feelings as Kyoto Pact Takes Effect.

Focuses on the Kyoto Protocol, which is intended to reduce global emissions of heat-trapping gases. How only industrial nations that have signed the agreement must reduce emissions; Observation that the U.S., China and Australia are among those that have not approved the accord; Worries about the agreement's fairness; Issue of resentment by Europeans, who have set some of the most stringent targets for reducing greenhouse gases; Comments of Jürgen F. Strube, chairman of BASF's supervisory board in Germany; Strube's belief that the pressure should be on the U.S., which generates a fifth of the world's greenhouse gases; Observation that the market for trading allowances to emit greenhouse gases is growing in Europe; Ways that the Kyoto Protocol is changing corporate behavior; Innovative features of the Kyoto system; Outlook. INSETS: Time to Check Emissions;A Market Grows in Europe.