The financial enclosure of the commons | Red Pepper.
Really useful and succinct summary of the problem. Carbon trading creates financial derivatives and actually makes the situation worse.
For more detail also see:-
Lohmann, L. (2009). When markets are poison: learning about climate policy from the financial crisis. (Briefing No. 40) (p. 68). London: The Corner House. Retrieved from http://www.thecornerhouse.org.uk/resource/when-markets-are-poison
Tricarico, A, & Gerebizza, E. (2012). Why the lock-in of financialisation could further delay a low carbon and just transition beyond the growth paradigm. Presented at the International Conference on Degrowth, Venice: Research and Degrowth. Retrieved from http://www.venezia2012.it/wp-content/uploads/2012/03/WS_22_FP_GEREBIZZA.pdf
Steady State Manchester 