Why did carbon trading fail?

Can you explain the reasons behind the failure of carbon trading? Were there any inherent flaws in the system that contributed to its downfall? Or were there external factors that ultimately led to its demise? Additionally, how did the market's reaction to carbon trading play a role in its failure? It's intriguing to delve into the intricacies of why this system, designed to reduce greenhouse gas emissions, ultimately failed to achieve its objectives.