According to a new report by European Climate Foundation, the biggest industry polluters in Europe have made billions of euros from carbon markets by passing the cost of their free carbon permits onto consumers.

The report has added to the debate about whether the European Union will be able to bear the cost of reducing its carbon emissions further than the current 20% target.

In the past, energy intensive industries, including steel, refining and petrochemicals, which were all looked at in the report, have argued that governments should give them free carbon emissions permits under the EU Emissions Trading Scheme, the main initiative aimed at CO2 emissions reduction on the continent.

However, from 2013, these industries will all be obliged to pay for their permits, as other sectors are forced to, under the scheme.

(Sourced from www.carbonadvicegroup.com)