According to independent market analyst Datamonitor,the European Union's emissions trading scheme (EU ETS) 'will ultimately fail to deliver in its current form',noting that 'an over-allocation of emissions credits in the first phase continues to subdue the price of carbon below the levels necessary to promote genuine investment in carbon abatement and,moreover,a lack of policy cohesion is consistently undermining Europe's attempt to get the second phase back on track.
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