Has the EU’s carbon trading system made business greener?

A report marking 10 years of the ETS finds carbon trading has helped companies to reduce emissions but low carbon prices continue to dog the scheme

The EU is celebrating 10 years of the world's largest carbon trading system this year by looking at new reforms to keep it on track. The emissions trading scheme (ETS), which covers half of Europe's CO2 emissions by limiting the number of carbon permits available to energy generators and industry, has been dogged by low prices and oversupply of allowances.

The problems are largely ones of success - carbon emissions are lower than anticipated. But much of the oversupply was caused by the recession in Europe, so has the trading system been a waste of time or has it changed business attitudes and operations?