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.