Thursday, July 22, 2010

Corus and carbon credits

Corus has confirmed that unused carbon credits will form part of any deal struck on the sale of its Teesside Cast Products plant; a recent report says the company had one of the highest surpluses of carbon allowances in Europe. The steel maker was among three EU companies left with the most unused carbon credits in 2009, due to a global downturn in steel production, according to analysts Carbon Market Data.

I wrote about the carbon credits issue back in February.

At the time The closure led to concerns that Corus, owned by Indian billionaire Ratan Tata’s business empire, may seek to trade the carbon credits that were freely allocated to the plant.

Carbon credits can be a “money maker” for multinationals in a way that is totally outside the spirit and purpose of the original agreements and as in this case cost real jobs in an area of the UK that badly needs work.

Shame on Corus.

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