There will be errors if you try to regulate, but the idea is good, you profit packing in x, you pay. There is a chnce they het it right eventually, hopefully before all the small actors disappear. What is the alternative really. Other parts of the planet is just the big corporations that lobby and decide. People is just left with the pollution
Those places also are providing more opportunities for their populations than the EU. It’s way more nuanced than the dichotomy you laid out. The only reason this isn’t extremely obvious is Europe’s cultural and institutional inertia and society wealth. Without these head start I can almost guarantee you wouldn’t be making the same point about fiddling with regulatory minutia.