Some of Europe’s largest polluters are earning windfalls from the sale of
carbon credits. Their profits are an unintended consequence of generous subsidies that make up a crucial element of the region’s carbon market.
A Spanish oil and gas company, a Romanian aluminum producer and two Finnish industrial businesses together sold nearly €120 million—equivalent to more than $129 million—of credits last year, according to an analysis of company disclosures. A wave of additional sales potentially worth tens of millions of euros are expected to be disclosed in the coming months.
