Told you so! Emissions trading is just another greenwash scam.

"A flagship European scheme designed to fight global warming is set to
hand hundreds of millions of pounds to some of Britain's most
polluting companies, with little or no benefit to the environment, an
investigation by the Guardian has revealed.

Dozens of multinational firms stand to benefit from the windfall,
which comes from the over-allocation of carbon permits under the
European emissions trading scheme.

The permits are given to companies by the government, and are supposed
to account for their carbon pollution over the next five years. But
figures published by the European Commission show that many companies
have been allocated far too many permits, which they can sell for
cash.

The scheme is supposed to only distribute as many permits as companies
require, with one permit allocated for each tonne of CO2 produced.

The figures, compiled by the Guardian and the campaign group Sandbag,
suggest that up to 9m extra annual permits have been allocated to 200
companies across almost all sectors of the British economy, from steel
and cement making, to car manufacturing and the food and drink
industry. Dozens of household names such as Ford, Thames Water, Astra
Zeneca and Vauxhall are among the companies that could benefit..."

More:
http://www.guardian.co.uk/environment/2008/sep/12/emissionstrading