Are the Kyoto carbon trade walls coming down?

The first carbon credits trade deal to link North American and European greenhouse gas (GHG) emissions trading systems ttook place in May. Baxter Healthcare Corporation transferred allowances to emit 100 tonnes of carbon dioxide within the EU Emissions Trading Scheme (ETS) from one of its Irish operations into the Chicago Climate Exchange (CCX). The company was a founding member of the CCX, a voluntary US market which requires its members to cut GHG emissions on an annual basis.
While EU allowances can be transferred to the CCX, the flow is not permitted in the other direction, as the US is not a signatory to the Kyoto Protocol on climate change.