Jac Depczyk

Carbon markets look green around the gills. The price of carbon on Europe’s emissions-trading system, the world’s biggest, has slumped. Barack Obama’s hope of getting a cap-and-trade proposal through Congress seems as distant as ever. There is no sign of action in places like India and Brazil. But it is easy to forget how far carbon markets have come. They exist or are on their way in Europe, Australia, California, China and South Korea. One day, carbon prices will vary greatly between countries.