Emissions Trading Scheme (ETS) was a failure

Research by Hugo Robinson and Neil O’Brien, OpenEurope.org.uk (link)
"A new report from Open Europe argues that the first phase of the EU Emissions Trading Scheme (ETS) was a failure, and the second phase (which begins in 2008) will see important new problems emerging. It notes that the ETS is unlikely to reduce emissions or spur low carbon investment, as the scheme will be heavily reliant on the 'import' of vast numbers of what are essentially carbon offsets from developing countries, rather than enforcing real reductions in emissions in Europe. It argues that these offsets are often not reducing emissions, and in some cases are even subsidising polluters."