I'm a bit confused here. Surely if Gordon Brown really wants to reduce the amount of CO2 pumped into our atmosphere - then he should cancel these permits - no matter how lengthy the process.
LONDON (Reuters) - Britain on Wednesday said it would auction off rather than cancel millions of carbon permits to come from a closed steel plant, equal to one percent of UK greenhouse gas emissions.
The government said cancelling the permits, allocated to a plant owned by Europe's second largest steelmaker Corus in northeast England, would be a "lengthy process" so it would instead sell the rights to emit nearly 7 million tonnes of greenhouse gases back to industry.
The Teesside plant is scheduled to be mothballed in late January and if the facility is to be closed for more than 50 days, Corus, owned by India's Tata Steel, is not entitled to receive the permits, worth around 100 million euros ($147.5 million) per year at current market rates.
British Prime Minister Gordon Brown will next week push rich and poor nations to accept deep emissions cuts under a new climate change deal at United Nations talks in Copenhagen.
He could, in a stroke, cut our emissions by 7m tonnes a year. Of course that would mean he wouldn't get his hands on that 100 million Euros.