Many experts believe the economic models currently employed by environmental policymakers throughout Europe provide an incomplete picture of the full economic costs of compliance with the Kyoto Protocol.

As a recent ICCF study illustrates, an accurate portrayal of the costs of complying with greenhouse gases (GHG) emission reduction targets depends largely on choosing an economic model that captures all the short-and-medium-term costs of adjusting to higher energy prices or regulating mandates on the economy as a whole (See "Economic Modeling of Climate Change Policy").