on february 16, the Kyoto Protocol to combat global warming became law, binding industrialised nations to reduce by 2012 their greenhouse gas (ghg) emissions to 5.2 per cent below the 1990 levels. A flexible trading mechanism for emissions provided for in the treaty also opens up opportunities for developing countries to secure investments in cleaner technologies. Meanwhile, the eu has gone a step further by opening up a debate on what needs to be done after 2012. In a paper released on February 9, the eu's executive arm