Climate: Attorney David Hayes looks back at first year of European Emissions Trading Scheme

A market for carbon dioxide (CO2) trading has been active for nearly one year, with European businesses starting to reduce their greenhouse gas emissions. David Hayes, former deputy secretary at the Interior Department and the Global Chair of the Environment, Land and Resources division at Latham & Watkins, examines the effect of emissions trading thus far, and how it could affect U.S. companies. Hayes also discusses ongoing Kyoto Protocol negotiations in Montreal, regulations that allow countries to get credit for reducing CO2 in developing nations and regional climate efforts in the United States.