{"id":546378,"date":"2010-04-28T13:11:00","date_gmt":"2010-04-28T17:11:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/here-are-ten-companies-that-are-making-a-killing-on-european-carbon-swaps-2010-3"},"modified":"2010-04-28T13:11:00","modified_gmt":"2010-04-28T17:11:00","slug":"holy-cow-carbon-trading-has-barely-gotten-off-the-ground-and-theres-already-a-huge-financial-scandal-in-europe","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/546378","title":{"rendered":"Holy Cow! Carbon Trading Has Barely Gotten Off The Ground, And There’s Already A Huge Financial Scandal In Europe"},"content":{"rendered":"

The news out of Europe is that Deutsche Bank and several others have been raided in a C02 swapping tax evasion scheme<\/a>.<\/p>\n

This is amazing news because the carbon market — a concept beloved by both banks and environmentalists — is still nascent.<\/p>\n

No, we don’t yet know how this is going to play out but really the fact that a market that’s barely gotten off the ground is already drawing suspicious of tax evasion is very damning, and suggests that banks can’t be trusted if the market ever gets huge.<\/p>\n

Stepping back, because European carbon market rules were badly constructed, plenty of companies — not just banks — are already making a fortune — merely by virtue of the fact that slow business has meant they’ve easily come under their goals.<\/p>\n

No. 10: Slovensk\u00e9 elektr\u00e1rne — a Slovak power company<\/h2>\n
\"No.<\/p>\n

Map of the company’s power plants in Slovakia.<\/p>\n<\/div>\n

Surplus permits in ’08: 1,400,000<\/strong><\/p>\n

2008 value: $27 million<\/strong><\/p>\n

2012 est. value: $173 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/p>\n

<\/p>\n

No. 9: U.S. Steel — operator of factories in Slovakia and Serbia<\/h2>\n
\"No.<\/p>\n

CEO John Surma<\/p>\n<\/div>\n

Surplus permits in ’08: 1,600,000<\/strong><\/p>\n

2008 value: $31 million<\/strong><\/p>\n

2012 est. value: $200 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/strong><\/p>\n

<\/p>\n

No. 8: CEZ — Czech energy group<\/h2>\n
\"No.<\/p>\n

CEO Martin Roman (left) makes a deal.<\/p>\n<\/div>\n

Surplus permits in ’08: 1,700,000<\/strong><\/p>\n

2008 value: $33 million<\/strong><\/p>\n

2012 est. value: $210 million
<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/p>\n

<\/p>\n

No. 7: HeidelbergCement — German cement company<\/h2>\n
\"No.<\/p>\n

CEO Bernd Scheifele<\/p>\n<\/div>\n

Surplus permits in ’08: 1,700,000
<\/strong><\/p>\n

2008 value: $33 million<\/strong><\/p>\n

2012 est. value: $210 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/strong><\/p>\n

<\/p>\n

No. 6: Salzgitter — German steel company<\/h2>\n
\"No.<\/p>\n

CEO Wolfgang Leese<\/p>\n<\/div>\n

Surplus permits in ’08: 2,000,000<\/strong><\/p>\n

2008 value: $39 million<\/strong><\/p>\n

2012 est. value: $250 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/strong><\/p>\n

<\/p>\n

No. 5: Cemex — Mexican cement co. with over 100 factories in Spain<\/h2>\n
\"No.<\/p>\n

CEO Lorenzo Zambrano (right) visits Wall Street.<\/p>\n<\/div>\n

Surplus permits in ’08: 2,700,000
<\/strong><\/p>\n

2008 value: $52 million<\/strong><\/p>\n

2012 est. value: $330 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/strong><\/p>\n

<\/p>\n

No. 4: SSAB Svenskt Stal — Swedish steel co.<\/h2>\n
\"No.<\/p>\n

CEO Olof Faxander<\/p>\n<\/div>\n

Surplus permits in ’08: 3,300,000<\/strong><\/p>\n

2008 value: $64 million<\/strong><\/p>\n

2012 est. value: $410 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/strong><\/p>\n

<\/p>\n

No. 3: Corus — a London subsidiary of Tata Steel<\/h2>\n
\"No.<\/p>\n

Corus facilities in the U.K. Others exist on the mainland.<\/p>\n<\/div>\n

Surplus permits in ’08: 3,400,000
<\/strong><\/p>\n

2008 value: $66 million<\/strong><\/p>\n

2012 est. value: $422 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/p>\n

<\/p>\n

No. 2: Lafarge — World’s largest cement co. (French)<\/h2>\n
\"No.<\/p>\n

CEO Bruno Lafarge<\/p>\n<\/div>\n

Surplus permits in ’08: 4,200,000
<\/strong><\/p>\n

2008 value: $82 million<\/strong><\/p>\n

2012 est. value: $520 million<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/strong><\/p>\n

<\/p>\n

No. 1: ArcelorMittal — World’s largest steel company (Luxembourg)<\/h2>\n
\"No.<\/p>\n

CEO Lakshmi Mittal<\/p>\n<\/div>\n

Surplus permits in ’08: 14,400,000<\/strong><\/p>\n

2008 value: $280 million<\/strong><\/p>\n

2012 est. value: $1,800 million
<\/strong><\/p>\n

Source: Sandbag<\/a><\/em><\/strong><\/p>\n

<\/p>\n

See also…<\/h2>\n
\"See<\/div>\n

The Scary Reason Europe Is Doomed To Crisis After Crisis After Crisis<\/a><\/h2>\n

Join the conversation about this story »<\/a><\/p>\n

<\/img><\/a>
\n<\/img><\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The news out of Europe is that Deutsche Bank and several others have been raided in a C02 swapping tax evasion scheme. This is amazing news because the carbon market — a concept beloved by both banks and environmentalists — is still nascent. No, we don’t yet know how this is going to play out […]<\/p>\n","protected":false},"author":4721,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-546378","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/546378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4721"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=546378"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/546378\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=546378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=546378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=546378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}