Saturday, December 18, 2010

Carbon Trading: How it Works and Why it Fails

by Oscar Reyes and Tamra Gilbertson from New Left Project
Emissions trading is the EU’s flagship measure for tackling climate change, and it is failing badly. While in theory it provides a cheap and efficient means to limit greenhouse gas reductions within an ever-tightening cap, in practice it has rewarded major polluters with windfall profits, whilst undermining efforts to reduce pollution and achieve a more equitable and sustainable economy.