The EU ETS finally offers reason for cheer

The raising of €1.5 billion to test clean energy technologies in the EU may not sound like much, but it is welcome good news amidst a year of bad.

The European Union's much maligned cap and trade scheme has finally achieved something palpable after eight years, raising 1.5 billion ($1.8 billion) in the teeth of the financial crisis to test technologies which will cut carbon emissions.

It doesn't sound much, but this EU emissions trading scheme has endured fraud and tax evasion and handed tens of billions of euros of windfall profits to the continent's biggest polluters.


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