Emissions trading - if it's broke, fix it, don't ditch it

A year on, the EU emissions trading scheme (ETS) is running into teething problems. Prices have fallen abruptly from more than €30 per tonne of carbon dioxide (CO₂) to less than €10. Business complains that the scheme harms the competitiveness of EU industry, while non-governmental groups (NGOs) argue that it should be stricter. Concluding, however, that the system is a failure would be a mistake.