What links the Copenhagen conference with the steelworks closing in Redcar?

Telegraph
"The real gain to Corus from stopping production at Redcar, however, is the saving it will make on its carbon allowances, allocated by the EU under its Emissions Trading Scheme (ETS). By ceasing to emit a potential six million tonnes of CO2 a year, Corus will benefit from carbon allowances which could soon, according to European Commission projections, be worth up to £600 million over the three years before current allocations expire.But this is only half the story. In India, Corus's owner, Tata, plans to increase steel production from 53 million tonnes to 124 million over the same period. By replacing inefficient old plants with new ones which emit only "European levels" of CO2, Tata could claim a further £600 million under the UN's Clean Development Mechanism, which is operated by the UN Framework Convention on Climate Change – the organisers of the Copenhagen conference.The huge but hidden cost of these "carbon permits" will be passed on to all of us, notably through our electricity bills.
Thus, at the end of the day, Redcar will lose its biggest employer and one of the largest manufacturing plants left in Britain. Tata, having gained up to £1.2 billion from "carbon credits", will get its new steel plants – while the net amount of CO2 emitted worldwide will not have been reduced a jot. ....Forget Big Oil: the new world power is Big Carbon.Truly it has been a miracle of our time that they have managed to transform carbon dioxide, a gas upon which all life on earth depends, into a "pollutant", worth more than diamonds, let alone oil. And many of those now gathered in Copenhagen are making a great deal of money out of it."