EU carbon market's free handouts are impeding climate action, auditors say

BRUSSELS - The European Union should change the way it hands out free pollution permits in the bloc’s carbon market, which is failing to bring about deep cuts in emissions, EU auditors said.

Industry and airlines get some permits for free, to avoid “carbon leakage”, which occurs when businesses move out of Europe to avoid carbon costs. “Free allowances at least need to be reduced for certain sectors which are not heavily exposed to carbon leakage.”

Let me pollute your credits that you woudn't have polluted in the first place. No, tax the negative externality, don't incentivize spreading the pollution around or converting non-polluting credits to those who will pollute.

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