... emissions trading hasn't stimulated renewable energy investment and energy efficiency and governments should instead focus on introducing feed-in tariffs.
Of course, cap-and-trade trade proponents will argue that the goal of emissions trading is to lower emissions, not primarily ramp up renewables, but we must keep in mind that, in making coal power more expensive, emissions trading does not level the playing field for all renewables, so how are we going to replace dirty coal? With nuclear?
And anyway, you really have to love Deutsche Bank for its commitment to reliable economic studies on the environment and renewable energy. Imagine any major American bank doing the same.