Cutting Carbon Is Europe's Emissions Trading System Broken?

Emitting CO2 into the atmosphere is dirt cheap in Europe these days. At just 8 euros per ton, the low price is undermining the European Union's effort to establish an effective cap and trade system. Implementing necessary fixes to the system, however, won't be easy in the face of industry opposition.
Von Joel Stonington
The European Union's CO2 emissions trading system needs to be fixed.

The European Union's CO2 emissions trading system needs to be fixed.

Patrick Pleul/ dpa