Europe's carbon trading scheme has proved to be "disastrous" and a "scam" in which companies have profited with no effect on emissions... The environmentalist James Lovelock — who developed the Gaia theory of the planet as a "living organism" — and the former environment minister, Michael Meacher, said... "In principle [carbon trading] is not a bad idea but in operation it's been disastrous. Business has frankly made billions out of artificial reductions of what is called hot air with absolutely no environmental benefit at all," said Meacher, singling out the ETS for being distorted by commerce. "Governments under pressure from...