As far as the compliance provision is concerned, I prefer to characterize it much like the government has characterized emissions trading and the technology investment fund in the notice of intent under the Clean Air Act: as a compliance provision. Under the Kyoto Protocol, that particular mechanism or flexibility provision allows countries, as I put it, to borrow from their future commitment periods. That's the compliance or consequence for not meeting your target.
If in fact our situation is that we're so close to 2008 that we won't be able to see the kinds of reductions that would be required to meet Kyoto itself, we can start making those investments now. We can give clear indications about some of these large-ticket items, such as carbon capture and storage, clean coal, and clean east-west transmission. We can start making those investments now. You can credibly and transparently show the international community that you're making those investments and that they will result in real greenhouse gas reductions after 2012. Use that in your negotiations in deciding how much of it; you will then work to compensate for your 2008-2012 period.
Meeting or not meeting Kyoto is not as simple as it seems. You in fact have the opportunity to go into the future and use your future reductions to compensate for falling short between 2008 and 2012.