But the supply far outstrips demand, Europeans are finding. The climate of this marketplace itself is decidedly cloudy. Advance prices have plunged by half.

At this point, one shouldn't portray it as a liquid, vibrant market," said Atle C. Christiansen of PointCarbon, a Norway-based research firm (Climate, 2004).

More than six years after governments negotiated the historic climate accord in Kyoto, Japan, the world is taking only halting steps _ not always forward, never in unison _ to follow through (Climate, 2004).

In fact, the Kyoto treaty itself is not yet in force, since it hasn't been ratified, as required, by industrial countries emitting a total of 55% of "greenhouse gases," such as carbon dioxide, that trap heat in the atmosphere that Earth otherwise would give off.

Russia's expected accession later this year would clear the 55% hurdle. But even a functioning Kyoto agreement would have little impact: Its limited...
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