Do these schemes really prevent bad weather?

Carbon Market Chaos Strikes Again « JoNova

...It’s like reselling the three course meal, after it’s been eaten.

When confronted, the Hungarian Government claimed the used CER’s were only sold to non-European investors. (So that makes it alright then? Someone outside Europe wasted money?)
...
Things are tough for the fledgeling carbon currency market — first the individual governments issued too many permits creating a glut and then a crash.

Then the top two auditors of the European system were busted one after the other, and suspended for irregularities.

Then Europol discovered that some traders had found a way to collect taxes on behalf of the government and then keep the money for themselves. The fraud may have cost taxpayers about $7 billion dollars and in some markets amounted to 90% of the volume.