The annual UNFPA State of the World Population 2001 report When the idea behind the report was first conceived, we thought it was important to look at the ways companies are able to 'verify' their emissions in order to ensure the accuracy of their tracking and reporting," said Eileen Claussen of the Pew Center on Climate Change.

The US as a government won't subscribe to the treaty's green house gas reduction requirements, and many countries have yet to ratfiy the protocol. But one element being discussed in Marrakech this week at the seventh Conference of the Parties (COP7) of the UN Framework on the Convention on Climate Change (UNFCCC) is the proposed emissions trading system. "With countries from around the world meeting to hammer out the rules on the Kyoto Treaty, international greenhouse gas emissions trading is likely to become a reality," said Claussen. "In the emerging ghg trading market, the commodities that are generally bought and sold are "verified emission reductions," or VERs. It is likely that both the international and domestic trading regimes that evolve to implement the Kyoto Protocol-- or that the United States might do on its own-- will require emissions verification."

It is along these lines that the Pew Center has been advising major companies on how to verify their carbon emissions for potential credit trading.

"In terms of emissions verification, BP and Shell have been leaders in verifiying corporate wide emissions; American Electric Power has been a leader in verifying emission reductions from forestry projects," said Claussen. "In terms of achieving corporate emission reductions, for example by setting and meeting voluntary corporate greenhouse gas or energy efficiency targets, Dupont and IBM immediately spring to mind as proactive, forward thinking companies. All of our companies are taking actions to reduce their own emissions and proactively working to develop a reasonable U.S. climate change policy."

One thing that Bush has proven himself is a friend of big business. So the question remains if big business is getting behind the push to reduce fossil fuel emission, will Bush change his mind on the treaty?

"President Bush will probably not 'change his mind' about the Kyoto Treaty, but there is some evidence that suggests he may support domestic action," said Claussen. "The fact that there is support within the business community for moving forward makes this more likely. Action could range from mandatory tracking and reporting of greenhouse gas emissions, to voluntary agreements with industry sectors, to an economy wide emission cap and trade system. By the way, all of these approaches are likely to involve emission verification."

Nevertheless will a handful of companies can make a difference, even without current government mandates.

"Many of our member companies are significant emitters; Shell and BP for example have emissions that are comparable to some fairly large countries," said Clasuen. "Certainly the work these companies are doing/have done, will have an impact. Some impact will be felt in the near-term in terms of quantifiable reductions, but there will also be longer term impacts because the companies are learning by doing, testing what works, redesigning processes and products, and teaching othershow to move forward. However, while these activites are significant, they are not enough. Government policies are needed to ensure that all companies address this problem."