The London Times covers a carbon trading scandal in in India. Like our own New York Times, they bury the lede:

BRITISH companies are handing over millions of pounds to an Indian chemical plant so that western firms can continue to pump out thousands of tons of greenhouse gases.

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Indian company SRF, which produces refrigeration gases in Rajasthan, stands to make a profit of more than £300m. That is how carbon trading is supposed to work, right? Even if they are making as much or more from the carbon credits as from the manufacturing process. Only:

While British companies use the credits instead of cutting their own pollution, SRF plans to reinvest its windfall in building a new plant producing another refrigerator gas called HFC-134a — 1,300 times more damaging than carbon dioxide.

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And under the current carbon trading system, that reduces SRF’s credit not at all.