The European Union’s emissions-trading system (ets) is the closest thing the world has to a carbon benchmark. Though it is no longer the world’s biggest carbon-trading market. As carbon markets spread around the world what happens in Europe sends a powerful signal about whether or not decarbonisation can be achieved through decentralised markets rather than government regulation and spending. The recent decision by European Union to sell more carbon permits is a big blunder. The aim is to raise more cash for a covid-pummelled Brussels. Do you think that this is a backward move in fight against climate change ?

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