Bloomberg are reporting that the European Union industry landed a US$26.7 billion windfall from an emissions cap-and-trade program that was intended to moderate emissions by putting a price on pollution. This information comes from an environmental consultancy.
Companies in the cement, petrochemical and steel industries gained most from the emissions trading system, or ETS, from 2008 to 2014, according to a study by CE Delft that was commissioned by Carbon Market Watch.
Energy-intensive industries have recommended that policy makers keep distributing free permits to companies to prevent the relocation of companies, known as carbon leakage.
The report’s findings “bust open the industry myth of carbon leakage,” said Femke de Jong, EU policy director at Brussels-based Carbon Market Watch.
Read the article online at: https://www.worldcement.com/europe-cis/16032016/cement-companies-gain-emissions-trading-system-707/