This report by CE Delft was commissioned by Carbon Market Watch

Summary

This study has calculated the additional profits that sectors and companies have made from the EU ETS between 2008 to 2019 for the fifteen most CO2-intensive sectors plus aviation in nineteen EU countries.

In our study we have investigated three types of profits:

1. Profits from overallocation of free emission allowances.
2. Profits from using cheaper international offsets for compliance.
3. Profits from passing through (part of) the opportunity costs of freely obtained allowances into product prices.