"According to the European Environment Agency, the European Union will not be able to meet its targets under the Kyoto Protocol. In fact, all else being equal the Eu will achieve just a 1.6 percent reduction of greenhouse gases emissions under baseline year, to be compared with an 8 percent reduction goal."
http://www.brunoleoni.it/nextpage.aspx?codice=0000001363
more:
"According to 2001 data, industrialized countries account for less than 50 percent of global emissions. Were they all to cut by as much as 10 percent their own emissions, the overall reduction would be less than 5 percent -- far less than the supposedly needed 60 to 80 percent."

So EU will continue to spend billions of dollars and not even come close to making their targets. But not only have politicans wasted time and money they also used a huge amount political capital pushing for this idiocy. It's apparently the number one priority. One could suppose that if the US were sign Kyoto, all of Europe would be orgasmic. Blair gets brow beat constantly because he fails to use "his leverage" with US to get us on board this hopelessly crafted and sinking ship. Decade or more wasted, in world filled with poverty and disease, where Iran and other crazed nations seek to gain nuclear weapons. Aids rages through Africa, Maleria kills millions per year. In all this Europe is obsessed with hopeless stupid treaty called Kyoto, and they don't even make their own silly pointless targets.
No doubt that Europe is leading the world to bright future.