Yes according to a study undertaken by Sandbag, a UK-based climate change think tank. The organisation calculated that industry giant Arcelor-Mittal is expected to reap windfall profits of over 1 billion pounds by 2012 as a result of lax targets and free allowances in the European Emissions Trading scheme. See the Sunday Times coverage on 6 December.
This example confirms the case against the current implementation of the ETS. Due to the power of heavy lobbying, industry has been able to turn a cost into an opportunity. Good business for sure, but good for the planet?
Sandbag calls upon Lakshmi Mittal, CEO of Arcelor-Mittal to cancel the 80 million surplus permits and become the world’s biggest climate philanthropist.
Read Sandbag’s full report (“ETS S.O.S”) on the flaws in the ETS.
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