The European Union's Emissions Trading System (ETS) is being undermined by com- panies profiting from free pollution permits and “fake” carbon offsets bought outside the EU, according to environmental campaigner World Wildlife Fund (WWF). WWF is lobbying the EU ahead of today's meeting of the European Parliament's climate change committee to discuss terms for the third phase of the ETS starting in 2012. On Tuesday, it published a report by Germany's Institute for Applied Ecology, Oko-Institut, revealing how companies in Germany sell their allocated allowances at market prices and replace them with cheaper credits from projects outside the EU.
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