| From Guardian: The initial proposal for an emissions trading scheme (ETS) had promised to cap carbon dioxide emissions from European business, to require firms to obtain permits for their emissions, and to encourage the trading of these permits so that companies that cut their emissions can sell permits to firms which emit more than their permitted amount.
However, in practice, the scheme has been riddled with so many loopholes that, so far, the potential for big cuts in emissions has been lost. The UK Treasury's recent announcement that it intends to auction a percentage of the permits is a welcome attempt to plug one of these holes – the practice of handing out pollution permits for free..... Full Article: Source
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