I won't attempt a detailed rebuttal, but declaring that "carbon markets don't work" is akin to declaring "Communism doesn't work".

Whereas with the evidence available, what we can actually conclude is "poorly-designed carbon markets don't work".

The EU version is broken, and appears destined for the scrap heap. Nevertheless, a few years ago it had an active, positive role in restructuring Europe's energy markets. It not only gave a competitive advantage towards renewable electricity (difficult to quantify) but demonstrably, propelled a shift away from coal and towards gas, which has since reversed with the collapse of the carbon price. This (which I will dig up numbers for some other time if I really have to) is enough to falsify Böhm's assertion :

Why are carbon markets failing? | Guardian Sustainable Business | Guardian Professional

to date there have been few, if any, measurable reductions in greenhouse gas (GHG) emissions that can be attributed to these measures.

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}