Telegraph (UK): Chaos theory is often explained in terms of the “butterfly effect”, whereby an insect flaps its wings on one side of the world and causes a tornado on the other. At first glance, the global carbon market seems like a pastiche of this model – when a cow farts in Brazil, Britain somehow moves nearer to meeting its requirement to cut emissions under the Kyoto Protocol. Unlike chaos theory, this process can be explained reasonably simply: The cow fart is captured and put …