Tired of this time wasting, in February 2013, more than 130 environmental and economic justice groups called for the abolition of the largest carbon-trading system in the world, the EU’s Emissions Trading System (ETS), in order “to make room for climate measures that work.” The declaration stated that, seven years into this experiment, “The ETS has not reduced greenhouse gas emissions . . . the worst polluters have had little to no obligation to cut emissions at source. Indeed, offset projects have resulted in an increase of emissions worldwide: even conservative sources estimate that between
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