The China carbon loophole

But who is responsible for this multi-billion dollar rip-off? From Financial Times,

Billions lost in Kyoto carbon trade loophole

Billions of dollars are being wasted in the international carbon trading system owing to a loophole in the Kyoto protocol, according to a study to be published on Thursday in the journal Nature.

The Financial Times revealed last month [link added] that a few Chinese factories and carbon traders were making large profits by exploiting the regulations in the protocol surrounding a potent greenhouse gas, HFC-23.

By installing cheap equipment, the companies could gain “carbon credits” which they could sell for hundreds of millions of dollars.

According to the study, about €4.6bn ($5.9bn, £3bn) could have been saved through closing this loophole, and instead spending €100m on a simple measure that would eliminate large quantities of the gas…

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