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The price isn’t right: saving Europe’s flagship climate change initiative / Thomas Legge, Senior Program Officer with the Climate &#38; Energy Program of the German Marshall Fund of the United States, GMF blog, 25/04/2012http://blog.gmfus.org/2012/04/the-price-isnt-right-saving-europes-flagship-climate-change-initiative/The European Union’s flagship climate change project, the Emissions Trading System (EU ETS), is in a slow-motion crisis that threatens the EU’s ambitions for a green economy. The original purpose of the EU ETS was not just to reduce emissions from factories and power stations — which it has done very successfully — but also to send a signal to the market that carbon emissions would come at a price, preferably of about €30 per tonne of carbon. The magic of the market would then encourage companies to slash their emissions and to invest in innovative, low-carbon technologies like solar power without the heavy hand of government direction...