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Britain will not meet its carbon emission reduction targets unless "greater action" is taken quickly, a group of MPs have warned.

The environmental audit select committee, publishing its report into the EU's emissions trading scheme (ETS) today, identifies a number of hazards which could prevent the UK and the rest of Europe from leading the world on climate change.

Its report analyses the ETS, the initiative through which governments and industry will work together to gradually reduce emissions. Businesses acting first will be compensated while those hanging back can bid to acquire allowances permitting them to temporarily continue at present levels.

European policymakers are not fully aware of the dangers of climate change, as demonstrated by their "seriously inadequate" national plans on the issue, the report states.

Furthermore proposals to tackle the aviation industry need to be "greatly strengthened", the report warns, while the trading element means it is theoretically possible for companies to pay for emissions allowances without reducing their output at all.

Tim Yeo, chairman of the environmental audit committee, said it was impossible to avoid the fact that "business-as-usual industrial processes will still become more expensive as emission caps get tougher".

"The government must not shy away from the truth that emissions trading in itself is not a miracle cure for global warming, nor will it be painless," he added.