The European Parliament will hold a vote today concerning the second phase of the European Union’s greenhouse gas emissions trading scheme. The vote is expected to require a majority of the allowances to now be auctioned as opposed to being freely allocated. It appears that a significant number of emissions would be auctioned by 2013; however, countries that rely on coal-fired power such as Poland are hoping for a more gradual phased-in approach for the auction. The direction in which the EU chooses to go is very significant as members of the U.S. Congress are following it closely and plan on using it as a model for future cap-and-trade legislation.