The London Times covers a carbon trading scandal in in India. Like our own New York Times, they bury the lede:
BRITISH companies are handing over millions of pounds to an Indian chemical plant so that western firms can continue to pump out thousands of tons of greenhouse gases.
Indian company SRF, which produces refrigeration gases in Rajasthan, stands to make a profit of more than Â£300m. That is how carbon trading is supposed to work, right? Even if they are making as much or more from the carbon credits as from the manufacturing process. Only:
While British companies use the credits instead of cutting their own pollution, SRF plans to reinvest its windfall in building a new plant producing another refrigerator gas called HFC-134a — 1,300 times more damaging than carbon dioxide.
And under the current carbon trading system, that reduces SRF’s credit not at all.