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Britain's worst polluters set for windfall of millions
Key Excerpts from Article on Website of The Guardian (One of the U.K.'s leading newspapers)
Posted: January 16th, 2009
http://www.guardian.co.uk/environment/2008/sep/12/emissionst...
A flagship European scheme designed to fight global warming is set to hand hundreds of millions of pounds to some of Britain's most polluting companies, with little or no benefit to the environment. Dozens of multinational firms stand to benefit from the windfall, which comes from the over-allocation of carbon permits under the European emissions trading scheme. The permits are given to companies by the government, and are supposed to account for their carbon pollution over the next five years. But figures published by the European Commission show that many companies have been allocated far too many permits, which they can sell for cash. The scheme is supposed to only distribute as many permits as companies require, with one permit allocated for each tonne of CO2 produced. The figures ... suggest that up to 9m extra annual permits have been allocated to 200 companies across almost all sectors of the British economy, from steel and cement making, to car manufacturing and the food and drink industry. Dozens of household names such as Ford, Thames Water, Astra Zeneca and Vauxhall are among the companies that could benefit. Campaigners say the allocations were ... influenced by industry group lobbying. A source at a major UK car manufacturing firm, which has been allocated more than double the number of permits it needs, told the Guardian they were given out based on "magical logic".
Note: For revealing reports from major media sources on government corruption, click here.
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