This article offers a review of schemes to reduce carbon emissions in Europe and illustrates once again how such efforts can never be effective under the private ownership of socially produced wealth--capitalism.
A brief study of its history, however, reveals that the ETS [EU Emissions Trading Scheme] has not only failed dramatically in its stated objective of reducing overall emissions, but has in fact ended up providing billions of euros in indirect subsidies to some of Europe’s most carbon-intensive industries.