ONLY the 27-member European Union has a legislated and operating emissions trading scheme to achieve the carbon pollution reduction targets it will sign up to at the United Nations climate change negotiations in Copenhagen in December.
While the Rudd Government insists it needs its emissions trading scheme legislated to give it a credible negotiating position in Copenhagen, many countries around the world are locked in domestic debates similar to the one under way in Australia – about the targets they can commit to and the best domestic laws to achieve them.
The EU has promised to cut emissions by at least 20 per cent of 1990 levels by 2020, and says it will cut by 30 per cent if other advanced economies follow suit.