1) American political blog 
[economics] Hot air in economics refers to the Assigned Amount Units (AAU) credits given for the reduction of Green House Gas (GHG) emissions among the former Soviet Bloc countries since 1990. The fall of the Soviet Union led to massive restructuring and deindustrialization of many of the former Soviet Bloc. When the Kyoto Protocol was nego...
Refers to the concern that some governments will be able to meet their targets for greenhouse-gas emissions under the Kyoto Protocol with minimal effort and could then flood the market with emissions credits, reducing the incentive for other countries to cut their own domestic emissions.
empty, exaggerated, or pretentious talk or writing: His report on the company's progress was just so much hot air.