The whole issue of an ETS seems to be inherently complex.
Recently I was able to access the article by Joel Kurtzman of the Milken Institute in the USA, which was subsequently published in Foreign Affairs in September 2009. It is available on the Institute web site and was also published in the Review section of the Australian Financial Review on Friday 16 October 2009.
See: http://www.milkeninstitute.org/publications/publications.taf?function=detail&ID=38801211&cat=ART
He discusses the free market aspects of the Emissions Trading Scheme [ ETS] in a rational, coherent and clear manner. It is worth reading for the clarity.
A really good explanation of the broad scheme. While many will disagree with some issues, it clearly explains the principles and operations of the managed markets.
It might just work!
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