Friday, 19 December 2008

Big business benefits from the CPRS (ETS)

Not only big business, but overseas owned big business . . .

A new report "The impact of industry assistance measures under the Carbon Pollution Reduction Scheme - White Paper update" from Innovest Strategic Value Advisors.

"In the first year of the CPRS, we estimate that $939 million in EITE assistance will go to companies in the aluminium smelting industry in the form of free permits, $297 million will go to petroleum refiners, $261 million to steel makers, $251 million to alumina refiners, $182 million to LNG producers, and $157 million to cement makers (see Table 1 overleaf). These estimates are based on reported 2007 output levels, 2004-2008 average commodity prices, emissions intensity estimates from the Green Paper, and a carbon price of $25."

ACF comment on the report is here.

The report details who gets what under the scheme by company, industry and country. You might find the results disturbing. We've copied a couple of the tables here for quick reference:

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