Statists set these up to prove that market forces can pave the way to a green future.
And even with the government hand trying to create supply and demand for carbon credits, the market in Europe--throught the ETS: European Trading Scheme--has failed (tip to Instapundit):
Johannes Teyssen, chief executive of Eon, the German energy group that is one of Europe’s largest, stunned an audience in Brussels last week when he pronounced the market broken. “Let’s talk real,” he said. “The ETS is bust, it’s dead.”
The market is broken? I beg to differ. The market worked perfectly. A system of trading a worthless product that nobody wanted couldn't stagger along for long even with government sponsorship.
Adam Smith wins.
The war goes on, of course, even if this battle is over. The Europeans would like to "fix" the market with more government controls. Hang on to your wallets, Europe!
