Big European polluters got a windfall from carbon credits

Some of Europe's biggest polluters are reaping windfalls from selling carbon credits. Their profits are an unintended consequence of the generous subsidies that form a key element of the regional carbon market.

A Spanish oil and gas company, a Romanian aluminum producer and two Finnish industrial companies sold credits worth a total of nearly 120 million euros, or more than $129 million, last year, according to an analysis of company disclosures. In the coming months, a wave of further sales with a potential value of tens of millions of euros is expected to be published.