Irish cement companies secure €128 million in profit windfall
Published by Joseph Green,
Editor
World Cement,
Various news sources are reporting that Ireland’s top three cement firms have secured an estimated €128 million in profit windfall off the sale of surplus carbon credits.
According to a new study, CRH, Lagan Cement and Quinn Cement have acquired massive cash piles from an EU emissions ‘cap-and-trade’ scheme.
From 2008 to 2014, CRH received approximately €95 million, whilst Quinn secured €21 million and Lagan netted €11 million in profits from selling over-allocated carbon credits granted by the Irish Government.
Figures emerged in a research report on the EU’s emissions trading system (EU ETS).
Over-allocation was highest in the cement sector, which takes more than 40% of Irish EU ETS credits, and the EU is in the line of fire to reform said scheme.
According to reports, Irish companies had huge gains from carbon credit trading when there was a time of lower productivity, even as greenhouse gas emissions from the cement sector rose by 31% in 2014.
Edited from sources by Joseph Green. Sources: Independent, Big News Network
Read the article online at: https://www.worldcement.com/europe-cis/20042016/irish-cement-companies-secure-profit-windfall-940/
You might also like
The World Cement Podcast
In this special joint episode of the World Cement Podcast, and Cementing Europe’s future, the podcast of CEMBUREAU, David Bizley and Koen Coppenholle take a deep dive into the Clean Industrial Deal and a discussion of what it means for the European cement industry.
Listen for free today at www.worldcement.com/podcasts or subscribe and review on your favourite podcast app.
Shaping The Future Through Shredding
Gary Moore, UNTHA Shredding Technology GmbH, highlights the global momentum behind alternative fuels and the role of advanced shredding in shaping cement’s low-carbon future.
