emissions trading is really stupid ...

  .. a) it won't work and (worse, worser, worst!) ...

    .. b) it's trading with the Devil[1], aka the Great Satan

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[Dreaming: What we would like - from our so-called free-market capitalism - is enough food, water and housing for all; a chicken in every pot, an SUV/4WD always full of fuel in every double/triple garage McMansion driveway, for use whenever a change from the wide-flat 5.1ch 'home-entertainment' system was however fleetingly desired, and cheap medical insurance ensuring that we all live to be 100+. Not gunna happen.]

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There are at least three possible ways of limiting emissions of the main greenhouse gas (namely CO2), two of which (cap and trade, tax) directly involve so-called market mechanisms.

But. If 'the invisible hand' really worked as claimed, we would hardly be in the position we're in (namely, the coming greedastrophe®, including resource wars and mass-starvations.) Thinking that cap and trade and/or tax will solve the greedastrophe is just as much dreaming as the 'chicken in every pot' above. Of the two, taxing would be by far the most effective, as well as simple and easy to implement - but it's not the preferred option, since no-one can make any money out'a taxing something - except the taxing authority, namely governments - and as 'everyone' knows, governments are not just hated by capitalists, they are to be killed off wherever and as quickly as possible (starve the beasts!)

Only blind utopists believe that humans can live without effective police, or that markets will function without effective regulation. Yet markets have been steadily de-regulated, now mostly well beyond the point of utter corruption (Think Telstra's Trujillo: "We want to leverage our monopoly!" Bah! 'All' he wants is to rip us off, like all the rest of such capitalists.) Ergo, any cap and trade system will be rorted, and the effort will fail - while probably loading up the sheople® with ever more misery.

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I mentioned at least three possible ways of limiting emissions, and here is the 3rd, the only method absolutely guaranteed to work: leave the carbon in the ground. Reduce carbon mining to the point of a sustainable planet, ASAP. Set the target, so many tons that may be mined then burned without burning up our ecosphere; set the time frame, then progressively *reduce* the amount mined to the point of guaranteed sustainability. Uncorrupted, fully regulated supply and demand will do the rest; a fair rationing/price control mechanism could be incorporated, so that all people could get equal access, and that at a fair price.

Just get on and do it!

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Ref(s):

[1] devil —n. 1 (usu. the Devil) (in Christian and Jewish belief) supreme spirit of evil; Satan. 2 a evil spirit; demon. b personified evil. 3 a wicked person. b mischievously clever person. [POD]