GREENHOUSE GAS TRADING IN EUROPE.

Discusses how Europe will launch an updated emissions trading program for greenhouse gases in 2005 which is much larger and more complex than the U.S. effort. Role of market-based policies in environmental regulation and in the formation of future European and international climate change policies; Consideration of the plans for the European Union Emissions Trading System (EU ETS) to address global climate change implement a more consistent trading program among nations; Innovations regarding provisions that provide flexibility in monitoring and compliance; Difficulty associated with the preparation and review of National Allocation Plans; Use of auctions in the distribution of tradable emissions allowances in the U.S. INSETS: EUROPEAN UNION TERMINOLOGY;KEY FEATURES OF EU ETS;EFFECTIVE EMISSIONS TRADING PROGRAMS: A VIEW FROM THE ECONOMICS;SUMMARY OF U.S. TRADING PROGRAMS