The euro-weenies have partially retreated from the abyss, voting to phase in the ETS auctioning system for energy-intensive sectors. Instead of 100 percent in 2013, the "compromise" is that they will pay 15 percent for their EU carbon allowances, rising to 100 percent in 2020.
The MEPs have obviously come under heavy pressure, especially from Germany. Avril Doyle, the rapporteur admits, "The clear political message from us to the commission is we want these energy-intensive industries looked after."
However, this is not so much Armageddon averted as Armageddon postponed. The greenies are not going to give up that easily. Climate Change Derangement Syndrome (CCDS) is still rampant, not least in the UK.