The EU is moving the Emission Trading System (ETS) into the third phase. In general, more emission allowances have to be auctioned and less can be freely given away by governments as they please (which adds artificially low prices). Critics say that these adjustments are too small and the amount of cheap allowances is still so large that prices will remain low (meaning little or no incentives to actually invest in low-carbon technology, which is the main reason the ETS exists).

There is also a short summary of a recent discussion about the problems of the ETS:

30 Oct 2012 - 10:54
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