26 According to UBS Investment Research, the ETS system has cost $287 billion till 2011 with "almost zero impact" on overall emissions in the European Union, and the money could have resulted in over 40 percent reduction if used in a targeted way, e.g., to upgrade power plants (Maher, "Europe's $287 Billion Carbon Waste").

Philip Mirowski, Never Let a Serious Crisis …, loc. 2332