Carbon Brief: Policymakers have long asserted that making polluters pay is an effective way to reduce greenhouse gas emissions. But with Europe's carbon market floundering, the EU is having to rethink how to go about setting a carbon price.
Carbon pricing only works as a climate change policy if the cost of emitting carbon dioxide is high enough to make companies change their behaviour.
But the European carbon price has rarely been high enough to make that happen, and has plummeted in recent years. That...