A system under which Britain's richest resident, the Indian steel tycoon Lakshmi Mittal, is set to benefit from a £1bn windfall in "carbon credits". The same Lakshmi Mittal that is a major donor to the labour Party, the same man, let's not forget, that the Government helped to clinch a £70 million "soft" loan, funded by taxpayers, to allow him to buy Romania's Sidex steelworks.
"...the ETS has been turned into a system for generating free subsidies."
Well his company stands to gain immensely but only after threatening to relocate if made to pay for carbon certificates (like a carbon tax) and "Following intense lobbying and claims that the scheme would harm business, the cap on emissions was set too high and too many permits were issued"... Details emerged after inquries by Corporate Europe Observatory (CEO) "Exposing the power of corporate lobbying in the EU". Also from The revelations of an analysis by Anna Pearson and Sandbag. (a PDF of their 'ETS SOS' is HERE). Anyway, they are not alone and others support the criticisms of carbon trading: Professor Jim Hansen (Director of Nasa’s Goddard Institute for Space Studies..yes, the same one who said the Copenhagen summit was a farce) who also prefers alternatives e.g. a direct tax on carbon. He said:
Update: 3:45pm. Oh the Irony...Copenhagen climate summit apparently in disarray as developing countries react furiously to leaked draft agreement.
"The corporates see emissions trading as a huge opportunity to boost profits."