Profiteering, tax fraud, theft and dubious claims of emissions reductions are just some of the problems plaguing carbon trading.
That litany of woes has helped prompt many commentators to proclaim that carbon trading is imminently headed for the scrap heap of history.
Such predictions are almost certainly wrong. Carbon trading, also known as cap and trade, is on the cusp of generating mammoth amounts of money for governments — money that could start flowing just in time to help nations emerge from the worst financial crisis in a generation.
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