13 DECEMBER 1997, Page 30

A market in gas

ONE way to win a bonus would be to trade in emission certificates, or indeed in pollu- tion warrants, greenhouse options, or con- tracts on the mean sea level in the next mil- lennium. From Kyoto John Prescott has chided the City for missing out on these by- products of environmental summit meet- ings. The boys will normally bet on two raindrops rolling down a window-pane, but I would like to see a price on the volume of carbon dioxide and other exhaust gases being generated in Kyoto or the green- house effect of the aircraft that flew Mr Prescott there.