Climate change is widely acknowledged as one of the greatest environmental challenges facing the United States and the international community.¹ The Bush Administration's rejection² of the Kyoto Protocol (the Protocol)³ and related activities have focused a significant amount of public attention on the issue, both at home and abroad. The recent international agreement on rules for implementing the Protocol⁴ has added further currency to the climate issue, by laying the groundwork for an international regime for controlling greenhouse gases (GHGs) to come into force.

Climate change policy is receiving serious domestic consideration⁵ despite the Bush Administration's firm position⁶ that the United States will not ratify the Protocol. The U.S. Congress is considering a number of climate change-related measures⁷ that would establish reporting, monitoring, and potentially, emissions reductions and trading obligations. These may, or may not, mesh with the emerging global scheme. In addition, there is increased interest in exploring policy options relating to carbon sequestration: the trapping of carbon dioxide (CO₂) in forests, soils, and other natural resources.⁸