Notwithstanding the doubts over whether the Kyoto Protocol will ever enter into force, it has undeniably changed both public- and private-sector attitudes and policies about emissions reductions and the potential for trade of those reductions. In this way, the Kyoto Protocol reaches the heart of the global economy. Because there is significant political will in may countries to implement the protocol-even if it is never ratified by the United States-it will have a profound impact on the production and consumption of energy around the world. International companies-including many investor-owned utilities headquartered in the United States-may well have to meet the requirements of host countries that have begun to promulgate laws and regulations focused on the protocol or its alternatives.
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