Bloomberg reports that,
The EU is struggling to show that a cap-and-trade system can reduce the heat-trapping gases that most scientists blame for climate change. Even though the recession is cutting Europe’s industrial production, carbon emissions still exceed allowances handed for free to polluters in 2008. President Barack Obama is also pushing a cap-and-trade program to slash U.S. emissions by 80 percent from 2005 levels by 2050.
Green Hell Blog 
April 5, 2009 at 10:45 am
It will probably never work, but since when has that ever stop anyone? This will be supported until every last cent of profit can be squeezed out.