Spanish energy firm Endesa, part-owned by Italian firm Enel, was the largest user of carbon offsets in 2008, according to report from green group Sandbag identifying the top 10 EU corporate offsetters. Endesa bought credits to cover a quarter of its emissions.
Nearly all credits came from industrial gas (HFC) reduction projects in China through Kyoto's CDM mechanism. These projects are controversial because they deliver emission cuts very cheaply but offer no additional environmental benefits in developing countries.
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