In a word, the answer is energy intensive industries. They've already got their carbon blackened hands into the European rule making process; and, once a new US Administration is in power...well lets just say the campaign donations made between now and November have the potential to open the door for a way to cripple a cap-and-trade auction.
BRUSSELS, Belgium: The European Commission, bowing to industry concerns, said Thursday it was ready to exempt Europe's steel, chemical and power sectors from having to compensate for the environmental damage they cause — at least for a while.
The EU was keen to see a global deal to reduce greenhouse gas emissions and, until a deal was in place, the EU would hold back on plans to force more companies to pay to pollute from 2013, European Commission President Jose Manuel Barroso told European business leaders.
C. Boyden Gray, the U.S. ambassador to the European Union, urged Europeans to consider delaying their targets to 2030, from 2020. If 2020 remains a target "the emphasis will be on sectorial agreements, given the time pressure," rather than on globally negotiated climate change norms.