A clarification on a previous post: the reason I don't believe in carbon trading is not because I think a free market trading scheme is "socialism by stealth" (?); rather it's because there's no sign of it actually working.
Since in our glorious capitalist system no scheme may be allowed to impede hinder or even slow down the great God 'Growth', European governments have handed out billions of dollars of carbon credits, -allowing for at least 3% growth; even to companies who have no immediate plans for expansion.
These companies immediately have a tradable commodity, allowing for considerable wind fall profits, -which in turn stimulates growth, which inevitably increases the country's carbon footprint.
I do not believe the Capitalist's classic first reaction to any event -"how do I make a buck out of this?"- is the most effective response to a global crisis.