Schadenfreude? Nein!
The arrogance of the EU commissioners is only matched by the irrelevance of the processes they produce.
Imposing unilateral decisions across borders is an affront to the sovereignty of the nations confronted by this action.
How does the ETS "tax" in any meaningful manner change the fundamental underlying issue of excessive population (with principal growth in 3rd world nations), excessive energy consumption by the 1st world nations, reliance on finite energy resources? It is assumed that the ETS evolves from the concern about the grand experiment that civilisation has elected to undertake; of unchecked pollutants being discharged into a closed system without consideration to their impact on the system behaviour.
The ETS has similarities with one certain fiddler in Rome.... it takes skill to be both arrogant and irrelevant concurrently. The problems of the rock are in need of rational and timely input, lest the outcome be allowed to continue the petrie dish experiment that is currently underway.
As instituted, the EU is way out of line imposing tax on activity outside of it's borders.
Tax is hardly an effective method to adjust the direction of the program in the time available.
ICAO's failure to develop any meaningful change to the aviation industry's component of energy consumption or pollution is in keeping with the UN's inability to achieve meaningful progress in general.
What we need is for Scotty to beam us up, as in general, as stewards of the planet, we have collectively failed miserably.
We are in deep doo doo.
Whoops, daydreaming again.... gotta go drive an imported SUV down to the corner store, buy some food that has been shipped around 1/2 the world from a 3rd world nation that employs child labor, fill up the truck with fuel imported from another nation that is actively engaged in destabilising it's part of the world, send some clothes made in a country with no labor laws, (and no rules on pollution) to a tailor to get adjusted to fit my 1st world body shape, and of course send alms to Greenpeace, WWF, CCF etc to ease my conscience. At the same time, I can at least use an 3G IPAD, (made in a shining example of free enterprise that is Foxconn) to watch the quality Murdoch drivel that passes for news and current affairs in this part of the world, while munching on a GM grain fed battery bred chicken part stuck between two slices of Monsanto's finest Frankenflour bread, while drinking some French red laced with CH3OH, off a paper plate infused with PCB's and sundry organochlorides. But then, just as you start to wonder if civilisation is a Scud missile, going somewhere unknown and usually ending with an untidy mess.... I am going to go crank up a little jet, and go burn up some fossil fuel and emit great belches of CO2 working on projects to improve fuel efficiency and reduce CO2 emissions. Self interest is alive and well, just ask the Concordia's Captain. Oh yes, the airport car parking price will also be somewhat more than the price of the air ticket I pay to get to the testing area....
China 1, EU 0, civilisation -1
PS: I'm voting for Cpt Schettino to be EU Commissioner, anyone with either the panache, calm (or lack of SA) to reportedly order room service while the Titanic is taking a decidedly undesirable reduction in metacentric height... should fit right in within Brussels (Washington, Moscow, Abuja, Manama, Canberra... etc).