Source : https://dofollownet.com
March 10, 2010 - Better than changing lead into gold, the biggest European polluters are now changing millions of tons of CO2 into millions of euros, thanks to the EU Emission Trading Scheme, a system initially intended to cut down on carbon emissions but having turned out in a money making opportunity.
The problem lies in the way the emission permits (or "right to pollute") were estimated in 2005: in order to protect the competitiveness of their industries, many countries gave to some industrial sectors very generous allowances, which already included projections on the growth of future emissions.
These allowances being far above their actual emissions, these companies end with emission permits to sell, which are worth an estimated €500 million at current carbon prices and will be worth €3.2 billion by 2012, a sum far greater than the investment in renewable and clean technology.
Sandbag, a UK based not-for-profit organisation has released a detailed report that analyses the current implementation of the EU Emission Trading Scheme, which companies are profiting from the system (the Fat Cats), and make proposals on how the "Carbon Market" should be changed in order to achieve the goals it was first designed to achieve.
Download the full Sandbag Report:
The Carbon Rich List:The companies profiting from the EU Emissions Trading Scheme