Call for carbon credits loophole to be closed after axing of Cheshire chemical plant
- Media Manager
- Oct 23, 2023
- 1 min read
The Business Desk
Written By: Neil Hodgson
Published: October 23rd, 2023
A US fertiliser giant has made millions of pounds from selling carbon credits at a Cheshire plant it shut down in 2022 with the loss of almost 300 jobs.
Environmental organisation, Greenpeace, has conducted an investigation into CF Industries, through its investigation arm, Unearthed.
It says a loophole in a government scheme designed to encourage businesses to lower their emissions is giving companies that close factories the opportunity to make millions on the carbon market.
The UK emissions trading system (ETS) is a government-run cap and trade system designed to reward firms that manage to cut planet-heating emissions from their operations. But Unearthed said it has discovered that some big businesses have amassed millions of pounds’ worth of carbon credits simply for shutting down or idling plants.
