Cutting emissions of greenhouse gases – in particular carbon dioxide – is the heart of any strategy to combat the potential for catastrophic climate change. A key pillar of the European Union's climate and energy battle plan is the emissions trading scheme (ETS), by far the largest multinational emissions trading operation in the world.
The ETS, as originally launched in 2005, came under assault from all sides as an over-generous allocation of emissions permits resulted in windfall prof...
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