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This month EBS is piloting a structure that allows hedge funds to trade on its platform, using surplus credit from deep-pocketed investment-banking partners.
"They can earn art credit, music credit, tech credit, American studies, social studies credit, and surplus credit," said Sonya Tunstall, an adviser at City-As-School, an alternative school in the West Village, reading off an information sheet the school uses for the documentary program (a semester of participation generally merits three or four credits, she said).
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But it could also indicate companies have sold large amounts of surplus credits to raise cash.
These credits were so lucrative, however, that many manufacturers are now sitting on large stores of surplus credits.
In addition, they can sell the surplus credits to another country, allowing the country that buys them to emit more," says the report.
Other countries can meet their treaty targets at least in part by purchasing some of Russia's surplus credits, which some environmental groups have taken to calling "hot air" credits.
The surplus credits have been amassed from over-allocation of permits to pollute from the European emissions trading scheme, and by buying cheap credits from carbon-cutting projects in developing countries and holding on to their more expensive official EU allowances.
So did the American Petroleum Institute, one of the most powerful lobbying groups in Washington, because some integrated oil giants, such as BP and Shell, were now producing so much blended fuel that they were generating surplus credits, which they sold to smaller refiners like CVR.
International government-financed investment reserves could purchase surplus credits and partially re-sell them to smoothen short-term market imbalances and thus close the mentioned loophole (see e.g. [31]).
International government-financed investment reserves could purchase surplus credits and partially re-sell them to smoothen short-term market imbalances and thus close the mentioned loophole (see e.g. [ 31]).
Excluding investment gains and a surplus tax credit of $175 million, MetLife earned $404 million, or 51 cents a share.
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