Vladimir Gapor is a plumber by trade, but now he's a scavenger, prying bits of scrap steel from the ruins of his old factory and selling them for a pittance.

For others beyond this manufacturing graveyard, however, Ukraine's economic collapse has produced a potential multibillion-dollar bonanza. In an era of climate change regulation and carbon trading, Ukraine, ironically, is profiting from the smokeless smokestacks of its industrial shutdown.