So let me get this straight, you'd rather waste hundreds of millions, if not billions, in setting up a mostly ineffective trading scheme, than funnel that money into renewable energies research and research into making very efficient electric cars?
Giving that the big polluters like India, China Vietnam etc do not have an ETS and probably have no plan on enacting an ETS in their government, means an ETS will always be doomed to fail, so you are better off funnelling those hundreds of millions of billions of dollars into research into effective and efficient renewable energy and research into efficient electric cars and more effective freight and logistics transportation for goods and services.