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European energy and industrial companies have become the most important buyers of carbon credits in the developing world, ringing up a bill of GBP800m last year, according to the Financial Times.
The largest single buyer of UN carbon credits in Europe was Swedish energy group Vattenfall, which used credits to cover around 7.4 per cent of its emissions. Polish Group of Energy (PGE) , Enel/Endesa (MCE: ELE.MC) and Salzgitter (XETRA: SZG.DE) of Germany followed with smaller credit purchases.
Most of the sales refer to projects to eliminate industrial gases, a controversial subject with the UN coming under increasing pressure to change the award system. The disagreement arose as the factories that produce the gas are paid considerably more in credits than the cost of the gas incineration equipment.
Under the rules of the EU ETS, companies may supplement their carbon allowance quotas by buying in credits under the UN’s clean development mechanism, which offers a separate carbon trading system to the EU ETS. The system enables projects that cut emissions in the developing world to generate credits for the investors.
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