While the United States works slowly toward eventual greenhouse gas (GHG) controls, the European Union is forging ahead. On Thursday, July 15, 2010, the European Commission finalized its draft law for auctions under the emission trading system. The draft was sent to the European Parliament in Brussels, where governments of the E.U.'s 27 nations argued over a draft law for initiating a new trading system by the end of 2012.

From the start of the third trading period in 2013 auctioning will progressively replace free allocation as the main method for allocating allowances to all E.U. ETS sectors except aviation, according to the E.U.'s website. The E.U. expects at least half of its 2013 allowances to be auctioned.

During those debates, Britain, France and Germany urged the E.U. nations to agree to a 30-percent reduction in carbon emissions from 1990 levels by 2020.

Sources: Associated Press brief via FindLaw, Britain, France, Germany urge EU emissions cuts, and