Russia resurrects the Kyoto Protocol and the prospect of either mandatory CO2 emissions cuts for U.S. utilities, or the start of a global trade war.
A New World Order
three months have witnessed a succession of political, scientific, and economic developments in the climate-change arena that have substantially increased pressure on the United States to enact federal legislation to deal with global warming. Recent events signal the emergence of a carbon-constrained global economy. If the United States is to be a player and not a spectator in this new economic paradigm, it will have to adopt some form of national legislation to cap emissions.
- Some observers predict that these competitive impacts will prompt the EU to seriously consider imposing a carbon tax on imported goods manufactured in the United States without carbon controls. See "Global Warming: The Gathering Storm," , August 2004.
- See EC Directive 2004/101/EC of the European Parliament and of the Council, Oct. 27, 2004,
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