The reality of trying to raise substantial long-term revenues for international climate finance, including the outcome of the High-Level Advisory Group on Climate Change Financing, is revealing the need for fresh thinking on finance sources which takes account of political realities....

We review the total allocations under the EU ETS first phase and compare these against historical emissions, projections, and national Kyoto targets. We conclude that most Phase 1 allocations are excessive on all these measures, particularly the last, and argue that this is potentially damaging...