Cynics on both sides of the Atlantic are quick to ridicule the various glitches in Europe's cap-and-trade program for greenhouse gas emissions, with some detractors going so far as to question the overall efficacy of cap-and-trade as a market-based mechanism to combat global warming. However insightful their critiques, decrying the system as a failure is premature. From the very beginning, the first phase of the EU Emissions Trading Scheme, or EU-ETS, was intended to be a learning period to work outthe kinks and entice major greenhouse gas emitters to get on board.
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