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British companies accused of profiting from emissions trading scheme while consumers foot the bill
British companies are taking part in a complex carbon credits trading scheme that has created a lucrative and inefficient market for the destruction of a potent greenhouse gas.
The Environmental Investigation Agency (EIA) has criticised Barclays Bank, Royal Bank of Scotland and British Gas of colluding with a number of Chinese and Indian chemical companies in financing the destruction of HFC-23.
HFC-23 is a greenhouse gas around 11,700 more potent than carbon dioxide and is produced as a by-product of the creation of the commonly used refrigerant gas HCFC-22.
Barclays and RBS are alleged to be providing financial backing to mainly Indian and Chinese chemical companies who are able to destroy the gas for as little as
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