Describe the Failures of carbon trading and carbon credits (3) - Emissions targets have lacked ambition, with a 20% reduction goal by 2020 achieved by 2011, it also does not cover any form of agricultural industry - Covers only 40% of EU emissions, with some member states slow to implement the trading scheme directives policies - In the early statges there were too many credits in circulation, industries also criticise the scheme as it imposes extra costs that non-eu competitors can take advantage of, like the aviation industy