Shock: Centerpiece of Europe's bad-weather-preventing efforts transfers a lot of wealth, but doesn't actually prevent bad weather

Carbon fat cats are killing the emissions trading mouse | Damian Carrington | Environment | guardian.co.uk

just
10 German companies are €1.2bn better off thanks to the windfall
brought by the spare "hot air" permits. Germany's manufacturing sector
as a whole has accrued spare carbon allowances equivalent to the annual
emissions of Austria.
...
The sums involved are staggering.
Steelmakers are the cream of the carbon fat cat crop, with ArcelorMittal
potentially having raked in €314m for free between 2008-2011, according
to the report. ThyssenKrupp is in second, with €190m, and Salzgitter in
third, with €175m. ArcelorMittal had over double the number of permits
it actually needed.
...
Sandbag's Damien Morris says the EU ETS is now carrying 2bn spare allowances:
"The policy that was supposed to be the centerpiece of Europe's climate
efforts now promises to achieve nothing for most of the next decade."