The government’s favoured method for “reducing” carbon emissions is failing.
The environmental audit committee found that carbon trading is completely ineffective in cutting emissions.
Under the European Union’s emissions trading scheme, polluting industries are granted permits to emit carbon.
If they want to emit more, they have to buy more permits.
But this is failing to act as a deterrent because the price of carbon is so low.
Reliance on market mechanisms to combat climate change leads to a dead-end.
We need real action on climate – such as investing in renewable energy, imposing strong limits on emissions and creating climate jobs.