Carbon leakage plan 'could generate huge profits'

An EU plan to give extra free carbon allowances to industries judged to be at risk of carbon leakage from 2013 could backfire and generate huge windfall profits for European companies, researchers warned on Wednesday.

Giving the European cement sector extra free allowances under the EU emission trading scheme (ETS) from 2013-20, could generate €10-20bn in windfall profits, Michael Grubb from research network Climate Strategies told a workshop in the European Parliament.

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