It was supposed to be the way the market would cut greenhouse gases by itself: governments selling companies permits-to-pollute, which they could trade among themselves. Over time, the number of permits would be reduced, and the cost to companies of failing to cut emissions would rise.
Yet, 10 years after the EU launched the world's biggest carbon trading scheme, the effectiveness of the concept is in question and climate activists are disenchanted or hostile.
While there is still support for national or regional markets, not least in China, which plans to launch the world's biggest scheme in 2017, any hopes of creating a global carbon market at next week's U.N. climate conference in Paris look wildly optimistic.
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