You can go through the links

https://energyathaas.wordpress.com/2016/06/20/time-to-unleash-the-carbon-market/

http://www.thegreenmarketoracle.com/2016/07/now-is-time-for-carbon-pricing-in-canada.html

Dear Mousumi, good day, ...you  did not aswer the question so I have no comments to make at this moment.....

Have a nice day

Dear Michael, thank you for your comment....No, no mix up....You seem tp be talking about the old traditional market the one that had environmental externalities that now are being treating still through externality managment a la carbon pricing or green taxes....at a time when we are supposed to be under green markets/green economy/green growth.....

You know or should know that in 2012 Rio +20/UNCED/"The future we want" we shifted from traditional market thinking to green market thinking to correct Adam Smith ,model and making environmentally friendly and inclusive....that mean internalizing the environmental cost in the price mechanim of traditional markets to shift them to green markets, green producers, green consumers, markets cleared by the green market price and based on green microeconomics/the theory of the environmentally responsible firm and consumer and on green macroeconomics/the theory of the environmentally responsible economy....all this is because of the green paradigm shift knowledge gap created in 2012 as the knolege based of the old paradigm is left behind as it no longer works in the new paradigm....

Carbon price based markets are not green markets, they are dwarf green markets, unconnected from green market prices and from the environmental margin at the heart of green markets....so climate change action based on carbon pricing has no link to green markets, only to dwarf green markets......The dwarf green supply curve is below the green supply curve as the dwarf market price is lower than the green market price....any market place below a perfect market price is a dwarf market....You can only get to the perfect marke world through externality cost internalization....

Dear Michael I think that before you comment more you should read the following articles and take them as food for thoughts:

Perfect Green Markets vrs Dwarf Green Markets: Did We Start Trying to Solve the Environmental Crisis in 2012 With the Wrong Green Foot? If Yes, How Can This Situation Be Corrected?

https://www.researchgate.net/publication/305994500_Perfect_Green_Markets_vrs_Dwarf_Green_Markets_Did_We_Start_Trying_to_Solve_the_Environmental_Crisis_in_2012_With_the_Wrong_Green_Foot_If_Yes_How_Can_This_Situation_Be_Corrected

Beyond Traditional Market Thinking: What is the Structure of the Perfect Green market?

https://www.researchgate.net/publication/302025169_Beyond_Traditional_Market_Thinking_What_is_the_Structure_of_the_Perfect_Green_market

Understanding the Death and Paradigm Shift of Adam Smith’s model: Was Going Green the Only Option? If not, Is This Option the Most Sustainable One?

https://www.researchgate.net/publication/291523109_Understanding_the_Death_and_Paradigm_Shift_of_Adam_Smith%27s_model_Was_Going_Green_the_Only_Option_If_not_Is_This_Option_the_Most_Sustainable_One

The Unintended Consequences of Paradigm Death and Shift: Was the Arrow Impossibility Theorem Left Behind?

https://www.researchgate.net/publication/292361643_The_Unintended_Consequences_of_Paradigm_Death_and_Shift_Was_the_Arrow_Impossibility_Theorem_Left_Behind

Thank you for your comment

Article Perfect Green Markets vrs Dwarf Green Markets: Did We Start ...

Article Beyond Traditional Market Thinking: What is the Structure of...

Article Understanding the Death and Paradigm Shift of Adam Smith’s m...

Article The Unintended Consequences of Paradigm Death and Shift: Was...

This is a very critical concern that you have raised. Let me provide the response from the perspective of somebody who has witnessed the carbon market closely having worked in an Exchange as a Chief Economist, as also as a professional ecological economist trying to understand social-ecological interactive processes. CER prices were at a peak during 2006-08 prior to the setting of the Lehman Brothers downfall, sub-prime crisis, and the economic recession. It has not revived since then, given the economic turmoils in the developed world especially EU, and the global economic slowdown. As such, the generic industrial slowdown brought down the demand for CERs, and today the CERs are trading at near-zero prices, from highs of 26-odd USD during the boom times.

If I have to believe that market prices are true reflections of the value, do I assume that value of carbon sequestration has diminished now, as compared to the pre-2009 levels? Does this imply that the values of the regulating services of the mangrove forests (as an example) in the form of carbon sequestration has diminished for humanity in the times of slump as compared to periods of boom? This will be too reductionist and ludicrous to assume that markets are efficient in this case. No, they are not! Precisely because efficient markets can operate only under assumptions of complete (if not perfect) information. For the exchange value to reflect the use value or being true reflection of the scarcity rent or value, there is a need to have information about its use. The "green" consciousness was always missing from this market.

The market was driven primarily by speculation, forced compliance by a handful, and rent-seeking behaviours. This creates the divergence between the value and price.

Dear Nilanjan, good daay.  Thank you for your comments.  

I think this time, either because of the current green market paradigm shift knowledge gap or for unclear reason the mainsteam thinkers/economists go it wrong or were not able to see it......

Before 2012 when sustainable development meant anything or many things it was hard  to point out they were going the wrong way, but now the shift to green markets means green market based sustainable development or eco-economic based sustainable development so it is possible to point out the fact that they are going the wrong way as they are not going the green market, green economy way....

and if knowlingly they continue to go the same way....they will damage the reputation of science based reseaarch/markets as if you are allowed or able to selectively use the scientific method(e.g.only when conveient to you, then we are saying that we only have to respect the theory-practice consistency principle when we want or need....ift it does not help us, forget it....Karl Popper /Ooncjectures and Refutations would be very dissppointed if he were to see what is happening today.,,, we refuted a scientific model(Adam Smith's perfect market model) and instead of substituting it for another scientific model(perfect green market model) we are substituting it by a non-scientific model, dwarf green markets....

In summary, we shifted from perfect green market thinking(to correct adam smith model) to perfect green market thinking in 2012 and instead of using green markets to internalized envieronmental issues we are instead setting up dwarf green markets(e.g. carbon pricing based markets)...

My bet is that they intend to go globally on the dwarf green market approach a la carbon pricing based markets and since these markets operate still under a huge environmental sustainability gap just as Adam Smith's model, it will be this gap coupled by worsening sustainability gaps which will bring dwarf green markets down in perhaps not a very far future....

You may find the ideas in this article interesting:

Paradigm Evolution and Sustainability Thinking: Using a Sustainability Inversegram to State Paradigm Death and Shift Expectations under Win-Win and No Win-Win Situations

https://www.researchgate.net/publication/298353982_Paradigm_Evolution_and_Sustainability_Thinking_Using_a_Sustainability_Inversegram_to_State_Paradigm_Death_and_Shift_Expectations_under_Win-Win_and_No_Win-Win_Situations

Have a nice day

Data Paradigm Evolution and Sustainability Thinking: Using a Sust...

My apologies Nilanjan, this paragraph should have said: 

" In summary, we shifted from perfect market thinking(to correct adam smith model) to perfect green market thinking in 2012 and instead of using green markets to internalized envieronmental issues we are instead setting up dwarf green markets(e.g. carbon pricing based markets)..."

Good day everyone

I am sharing here this article unpublished and you can use it as food for thoughts:

Is Environmental Externality Management a Correction of Adam Smith’s Model to Make It Environmentally Friendly and Shift it Towards Green Markets or Is It a Distortion on Top of Another Distortion?

https://www.researchgate.net/publication/309463581_Is_Environmental_Externality_Management_a_Correction_of_Adam_Smith%27s_Model_to_Make_It_Environmentally_Friendly_and_Shift_it_Towards_Green_Markets_or_Is_It_a_Distortion_on_Top_of_Another_Distortion

Have a nice day

Article Is Environmental Externality Management a Correction of Adam...

Dear friends, here sharing my most recent article which I trust you may find interesting in terms of food for thoughts:

If Going From Free Markets to Non-Free Markets is the Way to Go: Does This Means the End of Rational Decision Making Thinking or Is This Just a Temporary Block of a Perfect Paradigm Shift to Green Markets?

https://www.researchgate.net/publication/312092336_If_Going_From_Free_Markets_to_Non-Free_Markets_is_the_Way_to_Go_Does_This_Means_the_End_of_Rational_Decision_Making_Thinking_or_Is_This_Just_a_Temporary_Block_of_a_Perfect_Paradigm_Shift_to_Green_Mark

Article If Going From Free Markets to Non-Free Markets is the Way to...

Those interested in green market thinking may find the following article full of food for thoughts

From Traditional Markets to Green Markets: A Look at Markets Under Perfect Green Market Competition

https://www.researchgate.net/publication/330617155_From_Traditional_Markets_to_Green_Markets_A_Look_at_Markets_Under_Perfect_Green_Market_Competition

https://www.researchgate.net/publication/330701187_From_Traditional_Markets_to_Green_Markets_A_Look_at_Markets_Under_Perfect_Green_Market_Competition

Sharing article just published

The Flipping of Traditional Economic Thinking: Contrasting the Working of Dwarf Green Market Thinking with that of Green Market Thinking to Highlight Main Differences and Implications

https://www.researchgate.net/publication/334535200_The_Flipping_of_Traditional_Economic_Thinking_Contrasting_the_Working_of_Dwarf_Green_Market_Thinking_with_that_of_Green_Market_Thinking_to_Highlight_Main_Differences_and_Implications