Exxon Mobil, Dow Chemical, Shell and other companies had challenged an EU decision to reduce the number of carbon emission permits they were allocated for free under the European emissions trading scheme (ETS).
But the European Court of Justice (ECJ) ruled on Thursday (28 April) that they in fact had been given too many.
The European Commission uses a ’correction factor’ to ensure the allocation of free allowances doesn’t exceed the cap allowed under EU law. But the ECJ said that...
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