Russian ratification boosts carbon market.(Emissions Trading)

After years of what some might call "waffling" on the issue of ratifying the Kyoto Protocol on climate change (see GECR, July 2004, p. 4), the Russian Cabinet of Ministers endorsed the treaty on 30 September 2004. According to a report in the Moscow Times, the decision came only "after an hour-long discussion and passionate objections by the country's fiercest Kyoto critic, presidential economic advisor Andrei Illarionov." (See "Cabinet Gives Approval to Kyoto Protocol," 1 October 2004, the Moscow Times, www.themoscowtimes.com.) Illarionov has steadfastly opposed Russia's ratification, and only a week prior to the cabinet meeting termed the treaty "fascist" and "based on the …