New York
TWO decades ago, Richard Sandor had a grand plan to reduce the pollution that causes global warming - and maybe get rich in the process.
The rich part worked. For the rest, reality intervened.
Today, Mr Sandor's vision of thriving global carbon-markets - capitalist arenas that would turn the right to pollute into a commodity such as gold or oil and, over time, reduce emissions - has fallen well short of the mark. In its first attempts, prices collapsed, trading waned and early enthusiasts withdrew. The invisible hand of the market has yet to establish a firm grip.
But with 195 countries now wrestling in Paris over how to reduce harmful greenhouse gases, the father of carbon markets, as Mr...
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