A bad builder always blame his tools. The ETS is just a tool, and it is only as good as the person wielding it. The problem with the ETS is that the National Government allowed it to become polluted by cheap, fraudulent, foreign junk carbon credits from the Ukraine and Russia. New Zealand was the largest user of these credits per capita which put our money in the hands of foreign criminals, devastated our ETS, increased emissions and caused forests to be cut down and converted to dairy. It is a shameful record.
Regulation and taxes are also tools, and can also be misused and abused in the wrong hands.