Heavy industry’s free allowances mount

European heavy industries are benefitting from a large surplus of freely allocated carbon allowances under the EU ETS

Energy-intensive industries across the European Union covered by the EU emissions trading scheme (EU ETS) are rapidly accumulating freely allocated EU emissions allowances, according to a report by climate campaigners Sandbag.

Based on published EU ETS data, Sandbag says ten steel and cement sector corporations had accumulated some 240 million carbon allowances, known as  EUAs  – enough to cover the combined annual emissions of Denmark, Austria, Portugal and Latvia. It estimates these have a market worth of £3.5bn.

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