(Picture from E Magazine)

Word out of the EU is that the European Commission is pressing to revise the EU greenhouse- gas emissions trading scheme, looking to 'improve and simplify' a somewhat cumbersome process. But the date set for implementation of the new procedures, 2013, seems a bit far off. But hey, this is the EU we're talking about. Everything is slow. From Euractive:

On 13 November 2006, the Commission presented a report outlining its first evaluation of the ETS and setting an agenda for a future revision of the scheme. In its communication, the Commission admits that simplification and more predictability will be needed in order to improve the market liquidity of the system.

A special working group under the European Climate Change Programme (ECCP II) will prepare recommendations for a revision of the ETS on close cooperations with all stakeholders (industry, NGOs and think tanks). This working group on emissions trading will report on these recommendation by 30 June 2007, after which the Commission will present new legislative proposals. If adopted, these new rules on the ETS could not come into effect until 2013 onwards.

More on the story here, here, here and here. New word on possible capping of airline emissions on a shorter timetable.

Elsewhere, Australia is looking to set up its own trading system, but some aren't so sure about how the PM is going about it.

For further bloggish thoughts on emissions trading and climate change, check in at Canadian blog While the Earth Burns, the National Center Blog, Burrows, Jennifer Marohasy, Larvatus Prodeo and Stu's Rants in Australia,