"I edit Ecosystem Marketplace, an online news service that reports on market-based solutions to environmental problems -- a calling I received after a career trading futures, writing about business, and getting entangled in a few local environmental campaigns."
Steve Zwick advocates on behalf of carbon trading:
11/23/11, "Europe's $287 billion carbon 'waste': UBS report," The Australian, by Sid Maher
"SWISS banking giant UBS says the European Union's emissions trading scheme has cost the continent's consumers $287 billion for "almost zero impact" on cutting carbon emissions, and has warned that the EU's carbon pricing market is on the verge of a crash next year.
In a damning report to clients, UBS Investment Research said that had the €210bn the European ETS had cost consumers been used in a targeted approach to replace the EU's dirtiest power plants, emissions could have been reduced by 43 per cent "instead of almost zero impact on the back of emissions trading".
Describing the EU's ETS as having "limited benefits and embarrassing consequences", the report said there was fading political support for the scheme, the price was too low to have any significant environmental impact and it had provided windfall profits to market participants,
- paid for by electricity customers....
European carbon prices have already been under pressure as part of the market turbulence triggered by the European debt crisis. Analysts are predicting EU carbon permits may fall to a record low €8.60 this week on a "future supply glut".
UBS said sources of the oversupply of permits include the European Investment Bank, EU governments, Russia and Ukraine."......via Tom Nelson