Reuters: German Chancellor Angela Merkel called on Saturday for the European Union's Emissions Trading System (ETS), the bloc's flagship policy to cut greenhouse gas emissions, to become a global system.
Thousands of power plants, factories and airlines in Europe have to surrender an allowance for every tonne of heat-trapping gas emitted. However, a surplus of allowances has depressed their price on the ETS and has made it cheaper to burn coal than to switch to greener fuels.
"This instrument would...