Isramart llc: British Companies Accused Of Carbon Trading Scheme

Isramart llc news:
The Environmental Investigation Agency has accused Barclays, Royal Bank of Scotland, and British Gas of profiting from an intricate carbon emissions trading scheme at the cost of consumers, according to The Ecologist. The agency has said that the British banks are backing chemical companies in China, Mexico and India that destroy the potent greenhouse gas HFC-23 and then jacking up the price for trading, in a scheme one EIA official called “dodgy” and “lucrative.”

The report details allegations that the companies in question are destroying the gas for €0.17 per ton before offering emissions grants for sale on the European Union Emission Trading Scheme for as much as €12. Meanwhile the energy company is also accused of passing inflated prices on to consumers. The EIA has said, “it doesn’t make any sense to have [HFC-23] in the carbon market,” given that it is “very cheap to destroy.”