Business Green: The EU Emissions Trading Scheme (ETS) is in urgent need of tighter caps on carbon emissions if it is to deliver even modest reductions in Europe’s long-term carbon footprint, NGOs warned the Environmental Audit Committee yesterday. The scheme — which puts a cap on the amount of carbon dioxide firms are allowed emit and requires them to purchase carbon allowances to cover emissions above that cap, in Europe — has been heavily criticised in recent months as falling levels of …