ABSTRACT
WITH THE ADVENT OF THE EUROPEAN TRADING SYSTEM (ETS) for greenhouse gases (EC 2008), European corporations have been faced with the necessity of generating accurate estimates of their output of carbon dioxide. A new series of metrics and methodologies have emerged in order to measure the carbon footprint of business. Even in the United States, where there is no formal requirement to reduce the emissions of greenhouse gases, the emergence of voluntary exchanges that trade in carbon-based emissions, including the now-defunct Chicago Climate Exchange, has been indicative of the potential importance of this issue to major corporate players in the American economy.
