Originally Posted by Ray!
We will be locked into the European carbon pricing scheme run by the European Union (a monopolistic cabal run by scheming, self-interested, thieves). Not a world scheme, just a European one. You have to buy European carbon permits, from the European Union Emissions Trading System. Where does the money go and who controls the money? You live in fantasy land if you think that this isn't run by the biggest 'Dodgy Brothers' group ever devised.
My Understanding of the situation would be that credits would be allocated to Australian businesses, not sold to them, and Australia would be then allowed to enter into the EU ETS. If European businesses needed more carbon credits they could purchase from Australia businesses and vise-versa. Hence money could flow both directions depending on whom invested in technology that allowed them to pollute less.
As to the EU controlling it, it seems to me that their only control in this system is the original allocation of credits, after that, the system operates under a more free-market style system sans government intervention.
I could be wrong.