[en] Some behind-the-scenes developments from the climate change meeting in Buenos Aires in November 1998 are discussed. It is pointed out that reducing carbon dioxide emissions is only half the problem when it comes to climate change; capture and storage and trading of permits are also very important. One key issue not discussed in formal sessions was caps on carbon trading. The extent to which countries will be allowed to offset their Kyoto obligations is at issue. Another key issue not covered formally was the extent to which countries will be allowed to offset their obligations by investing in carbon sinks (e.g.forestry) rather than in new technologies which reduce emissions. These two issues will determine what the Kyoto agreement means in practice for industry in general and the energy industry in particular. With regard to offset mechanisms, many questions remain unanswered. The Carbon Storage Trust aims to create high quality carbon offsets for sale to both consumers and companies. The debate on trading caps and the inclusion of sinks may not have made the formal sessions in Buenos Aires but it did gain momentum which will last until the year 2000 when the IPCC reports on forestry and land use. (UK)