In 2009, the Carbon Trust estimated that industrial gas projects such as those limiting HFC-23 emissions, would contribute about 20% of the CERs issued by the CDM in 2012. The Carbon Trust expressed the concern that projects for destroying HFC-23 were so profitable that coolant manufacturers could be building new factories to produce the coolant gas. (Carbon Trust, 2009, p. 60). In September 2010, Sandbag estimated that in 2009 59% of the CERs used as offsets in the European Union Emissions Trading Scheme originated from HFC-23 projects.