Communist
6th March 2010, 01:42
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CARBON FAT CAT COMPANIES COULD SHARE AT LEAST €3.2 BILLION BY 2012
New research out today from Sandbag Climate Change compiled in association with www.carbonmarketdata.com (http://www.carbonmarketdata.com/) reveals the top ten companies set to profit from the EU carbon market.
The Carbon Fat Cats List, dominated by steel and cement companies, could share a surplus of pollution permits worth €3.2 billion by 2012 [1]. This is more than double the EU's investment of €1.5 billion in renewable energy and clean technology as part of the economic recovery plan.
Company Surplus Permits Asset Value € ArcelorMittal 99,801,132 1,397,215,847 Corus 26,965,777 377,520,882 Lafarge 23,507,560 329,105,840 SSAB - Svenskt Stal 17,818,541 249,459,580 Cemex 14,669,057 205,366,804 Salzgitter 12,636,864 176,916,099 U.S. Steel (USS) 11,281,904 157,946,658 HeidelbergCement 10,905,197 152,672,755 CEZ 8,359,590 117,034,260 Slovenské elektrárne 6,760,715 94,650,010
It seems that the very companies opposing stronger action on climate change are doing very well out of the current system they claim has already damaged them [2].
Anna Pearson Head of Policy at Sandbag commented:
‘Emissions trading is meant to be the central policy for cutting CO2 levels. The fact that companies are able to make large sums of money for doing nothing highlights that the trading scheme must be reformed and EU climate change targets strengthened.
‘Politicians continue to give generous numbers of free permits to industrial sectors that face international competition in order to prevent job losses. But using an environmental scheme to do this has proved poor policy making since many of the same companies are cutting swathes of jobs [3] despite being able to make windfall profits from carbon'.
Sandbag Climate Change Campaign
+44 (0)7796176280
skype pearsonanna
4 Charterhouse Square, London. EC1M 6EE
Change four lightbulbs + wait six years = one tonne of carbon (probably) saved
Walk or cycle to work twice a week for a year = one tonne of carbon saved
Persuade the EU to move to a 30% carbon reduction target = three billion tonnes of carbon saved
http://sandbag.org.uk/notdoneyet
[1] Based on estimated surplus permits for the period 2008 to 2012 sold at €14 per permit. Data and methodology are explained in the annex of the full report which is attached.
[2] Eurofer Press Release, 21 January 2010; European manufacturing industry united against -30% climate change objective, http://www.eurofer.org/index.php/eng/News-Publications/Press-Releases/European-manufacturing-industry-united-against-30-climate-change-objective, see also http://www.europeanvoice.com/article/imported/by-how-much-should-the-eu-cut-emissions-ii-/66946.aspx
[3] http://uk.reuters.com/article/idUKTRE5BA2JJ20091214 and http://bit.ly/a2HtLC
.
(http://bit.ly/a2HtLC)
CARBON FAT CAT COMPANIES COULD SHARE AT LEAST €3.2 BILLION BY 2012
New research out today from Sandbag Climate Change compiled in association with www.carbonmarketdata.com (http://www.carbonmarketdata.com/) reveals the top ten companies set to profit from the EU carbon market.
The Carbon Fat Cats List, dominated by steel and cement companies, could share a surplus of pollution permits worth €3.2 billion by 2012 [1]. This is more than double the EU's investment of €1.5 billion in renewable energy and clean technology as part of the economic recovery plan.
Company Surplus Permits Asset Value € ArcelorMittal 99,801,132 1,397,215,847 Corus 26,965,777 377,520,882 Lafarge 23,507,560 329,105,840 SSAB - Svenskt Stal 17,818,541 249,459,580 Cemex 14,669,057 205,366,804 Salzgitter 12,636,864 176,916,099 U.S. Steel (USS) 11,281,904 157,946,658 HeidelbergCement 10,905,197 152,672,755 CEZ 8,359,590 117,034,260 Slovenské elektrárne 6,760,715 94,650,010
It seems that the very companies opposing stronger action on climate change are doing very well out of the current system they claim has already damaged them [2].
Anna Pearson Head of Policy at Sandbag commented:
‘Emissions trading is meant to be the central policy for cutting CO2 levels. The fact that companies are able to make large sums of money for doing nothing highlights that the trading scheme must be reformed and EU climate change targets strengthened.
‘Politicians continue to give generous numbers of free permits to industrial sectors that face international competition in order to prevent job losses. But using an environmental scheme to do this has proved poor policy making since many of the same companies are cutting swathes of jobs [3] despite being able to make windfall profits from carbon'.
Sandbag Climate Change Campaign
+44 (0)7796176280
skype pearsonanna
4 Charterhouse Square, London. EC1M 6EE
Change four lightbulbs + wait six years = one tonne of carbon (probably) saved
Walk or cycle to work twice a week for a year = one tonne of carbon saved
Persuade the EU to move to a 30% carbon reduction target = three billion tonnes of carbon saved
http://sandbag.org.uk/notdoneyet
[1] Based on estimated surplus permits for the period 2008 to 2012 sold at €14 per permit. Data and methodology are explained in the annex of the full report which is attached.
[2] Eurofer Press Release, 21 January 2010; European manufacturing industry united against -30% climate change objective, http://www.eurofer.org/index.php/eng/News-Publications/Press-Releases/European-manufacturing-industry-united-against-30-climate-change-objective, see also http://www.europeanvoice.com/article/imported/by-how-much-should-the-eu-cut-emissions-ii-/66946.aspx
[3] http://uk.reuters.com/article/idUKTRE5BA2JJ20091214 and http://bit.ly/a2HtLC
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(http://bit.ly/a2HtLC)