This book draws upon a meticulous study of background documents and a string of fresh interviews to tell the fascinating story of how the EU s climate flagship was significantly improved. The EU s emissions trading system (ETS) covers almost half of its greenhouse gas emissions and has been hailed as the cornerstone and flagship of EU climate policy. But in spring 2013 the ETS was in severe crisis, with a huge surplus of allowances and a sagging carbon price. Even a formally simple measure to change the timing of auctioning was initially rejected by the European Parliament. Two years later a...