Efforts such as the Kyoto Protocol to reduce emissions that may be linked to climate change focus on six greenhouse gases (GHG). Carbon dioxide is by far the largest of these by volume, representing about 80% of the total emissions of these six gases. Almost all carbon dioxide is emitted during the combustion of fossil fuels and OECD countries account for over half of the total carbon dioxide emission in the world while an additional four countries (Brazil, China, India and Russia) together account for a further quarter of the global total. Many policies designed to reduce these emissions set emission reduction goals based on some previous level (e.g. 1990 in the case of Kyoto for many countries) which is used as a benchmark for success and compliance to the protocol. But changes in emissions at the national level can occur for many reasons: including the relocation of production abroad, and/or by import substitution. This may have a negligible impact on global emissions but, if ...