Lafarge holds €501million of excess permits

Lafarge is the second largest holder of excess emissions trading systems (ETS) carbon permits in Europe, according to a new report by Sandbag. The company currently holds an estimated €501million of permits accrued between 2008 and 2010, while the biggest holder is reported to be steel maker ArcelorMittal with €1.7billion of permits. Sandbag has said that the massive surplus of held of permits could threaten the functioning of the ETS.