Carbon credits bring Mittal 1bn pounds bonanza

Lakshmi Mittal, Britain’s richest man, stands to benefit from a European scheme to curb global warming . His company Arcelor-Mittal, the steel business where he is chairman and chief executive, will make gains of about £1 billion on “carbon credits” given to it under the European Emissions Trading Scheme (ETS).The scheme grants companies permits to emit CO2 up to a specified “cap” . Beyond this they must buy extra permits. An investigation has revealed that Arcelor-Mittal has been given far more carbon permits than it needs. It has the largest allocation of any organisation in Europe. The investigation has also shown that ArcelorMittal and Eurofer, which represents European steel makers at European level, have lobbied intensively in Brussels. This has included threatening to move plants out of Europe at a cost of 90,000 jobs, and asking European commissioners to meet Mittal. Image: fashionistablog.files.wordpress.com. More…

News selected by Covalence | Country: Gobal | Company – Ethical Quote link: Arcelor-Mittal | Source: The Economic Times