Guardian: The system of trading carbon emissions at the heart of the ambitious low-carbon plan announced by the government last week is seriously flawed and close to becoming irrelevant, according to researchers behind a new analysis. So-called “hot air” carbon credits – those which do not result in any actual emissions cuts – could be so numerous that companies covered by the EU Emissions Trading Scheme would not have to make any cuts to their own emissions until 2015, says the report from …