Here are some links to more info on the carbon emissions markets (I lifted news and commentary ones from the Gristmill post and comments).
Emissions-Trading Profits in Europe Plunge as Data Questioned (Bloomberg report)
EU gives green light to pollution hike (Times of London)
Data Leaks Shake Up Carbon Trade (New York Times)
EU carbon-trading market hullabaloo from Gristmill, the Grist online magazine blog
Emissions impossible from the Guardian
Question marks over EU CO2 trading scheme from EurActiv, includes a number of links for additional background info.
Background: These articles came out within the past two years, but include good analysis
Marketing and making carbon dumps: Commodification, calculation and counterfactuals in climate change mitigation A very good analysis by Larry Lohmann of The Corner House, appeared in Science as culture, September, 2005.
Climate fraud and carbon colonialism: The new trade in greenhouse gases by Heidi Bachram, appeared in Capitalism nature socialism December, 2004.