Carbon sequestration

Even when the Bush administration changes its view regarding the issue of global warming , as it has done last week, the standoff continues. That human economic activity is a major factor in the production of carbon is no longer as much of an issue as it once was. All parties are in agreement that it would be preferable to contain the rise in carbon concentration but how is that to be achieved is the issue. Some would argue that if higher concentrations of carbon is the major cause of climate change then we must produce less of it even if that means cutting down on our level of economic activities while others favour a less radical solution. Keep the level of economic activity where it is but devise new ways of sequestering the emissions. Another major difference that separates the US from the EU in their approach to global warming is that the EU and others favour mandates while the US wants only voluntary targets.
Note that for both carbon trading is fundamental. Actually the application of the ideas of Coase, a well defined property right, will play a major role in funding the next phase of economic development in Africa. I expect the EU and the US to rush and buy carbon rights from the African countries so that we may continue to inflict "grow and prosper". What a mess.