New Approach Needed: The European Parliament votes tomorrow on a plan to raise the cost of carbon under the carbon emissions trading scheme by delaying the allocation of additional allowances, thus shorting the market. However, a large group of NGOs are suggesting the whole scheme be declared a failure and for Europe to move on to a better approach. Although not all environmental activists are in agreement, the situation does beckon a look at alternatives. After all, even if the price of carbon could be raised above its current lowly 5 euros/MT, attacking carbon in Europe and the U.S. effectively threatens economic growth. One suggestion is to instead focus on reducing the other miscellaneous emissions (refrigerants, methane, soot, etc.)...