“…more direct, a more transparent and a more effective approach"
And
“…a cap-and-trade system would be costly, bureaucratic and create a "Wall Street of emissions brokers."
Here is also Jeffrey Sachs, was saying, emissions cap- trading system never workable and is doomed to fail, promoting straightforward simple less rort-prone carbon tax.
"...the new global financial structure should help to rescue the world from human-induced climate change. A straightforward tax on the carbon content of fossil fuels, levied by all countries, would do the job, and much better than the enormously cumbersome emission-trading system concocted and championed by the same financial engineers who brought us our current banking crisis. Most of the carbon-tax revenues would stay at home in each country, to help finance low-emission technologies. Some would be directed to finance three global public goods: research and development on sustainable energy; transfer of sustainable-energy technology to low-income countries; and climate-change adaptation. Read more here
