Cap-and-trade worked well with acid rain. As with any policy if it is not written well, is poorly enforced, or poorly implemented it will likely fail. It can be implemented well.
The U.S. Acid Rain Program begun in 1995—the best example yet of how the cap-and-trade idea can work—saw allowance prices drop from more than $1,500 to less than $1 based on changes first proposed by the Bush administration. And acid rain may be less but it has not gone away.
The article indicates a reduction in acid rain. It furthermore indicates that much of problems with cap and trade stem from poor execution. Anything will fail if it is poorly executed, written to allow loopholes, or is poorly regulated. I think the problem is poor governance and a populace that allows such to happen. It can work.
https://en.wikipedia.org/wiki/Acid_Rain_Program