Europe, Japan Face $46 Billion Global-Warming Penalty
Twenty nations including Japan, Italy and Australia may be releasing more greenhouse-gas pollution than they agreed to under the Kyoto treaty to curb global warming. They're failing to rein in carbon-dioxide output enough to meet their pledges signed in 1997 in Kyoto, Japan, according to reports by individual countries. As a penalty for missing their goals under the treaty, the nations are required to buy permits for every excess ton of the heat-trapping gas released through 2012. That will total 2.3 billion permits for 20 nations, New Carbon Finance, a research firm in London, has estimated. (...) Bloomberg: Global-Warming Penalty Bloomberg Nov 14 2008 Global-Warming Penalty.pdf
