Europe's carbon market rarely makes headlines. But it has become one of the world's most influential climate policies.
The bloc wants to become carbon-neutral by 2050, and its carbon market is the central tool to meet that goal.
The European Commission is expected to present a proposal for the next revision of the European Emissions Trading System (ETS) shortly, and the question is whether that will make the system stronger or weaker.
Industrial frontrunners, including parts of Europe's steel sector that have already invested in cleaner production, are hoping for a stronger system. But what exactly is emissions trading, and how well does it work?
What is an emissions trading system?
