Degrowth

See how you had to add a bunch of clarifying comments, so if I point at a bunch of existing cap-and-trade systems you’d have to sigh and say “no, this one also sucks”?

EU ETS has no offsets and is well enough run, to bring the price to 62€/t. For some sectors such as the electricity sector that is a significant price. For electricity that roguhly doubles the price for coal and about a 50% increase for gas. It is also enough to make large steel manufacturers invest a lot into hydrogen steel manufacturing.

The “rich” countries need to rebuild back what the poor countries already have.

Rich countries have cleaner electricity grids, thanks to massive investments into renewables(for the most part), large rail systems with high speed rail, rail based urban transport systems even in smaller cities and so forth. The challenge is lowering consumption and well change some infrastructure, but that is not that hard.