While attention focuses on the woes of Europe's higher-profile Emissions Trading System, the US' flagship cap-and-trade carbon market — the Regional Greenhouse Gas Initiative (RGGI) in the Northeast — faces similar fundamental problems of oversupply and weak prices. RGGI was launched in 2008, but was soon weighed down by excess permits. It is now looking at reinvigorating the market with major reforms, with proposals expected to be announced in February.
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