C02 Emissions Market

Interesting article on the growth of the carbon dioxide emissions market in Europe, and how the US market is a "Wild West" show waiting to happen. Seems like Europe's attention to conforming to the Kyoto Protocol has driven the market forward while there has been a lack of regulations, and hence liquidity, in the US. In this slightly bizarre marketplace, companies can trade emission allowances and offset credits, so if you are stinking up the joint, you can buy allowances to make it all cool !!! And if you are being a good citizen and taking carbon out of the atmosphere, you can sell your emission credits to the smelly guys... I wonder what the correlation is between the CO2 emissions market and the weather derivatives market ..?