EU Carbon Trading Scheme - Little economic impact. No Effect.
Brilliant MIT scholars have assured us that the European Union's Carbon emissions trading scheme has been working with limited economic impact.
For the past three years, the European Union has been operating the world's largest emissions trading system and the first system to limit and to trade carbon dioxide emissions. An MIT analysis of this initial "trial" phase finds that—despite its hasty adoption and somewhat rocky beginning—the European Union cap-and-trade system has operated well and has had little or no negative impact on the overall EU economy.
Let's see how that trading scheme has impacted the EU's efforts at reaching their Kyoto targeted emission reductions...
Japan, Italy and Spain face payments of as much as $33 billion combined for failing to reduce greenhouse-gas emissions as promised under the Kyoto treaty.
The three countries are the worst performers among 36 nations that agreed to curb carbon dioxide gases that cause climate change. The 1997 Kyoto accord designed to slow global warming demands that polluting nations buy credits for their excess emissions from other industrial polluters or investors.
Yep...that scheme is working well....