Euro Carbon Trading Suspended Due To Scam

[CliveH]

The Telegraph (among others) is reporting that the European carbon market has been suspended for a week following the theft of emissions permits from the Czech registry.

 

http://www.telegraph.co.uk/finance/newsbysector/energy/8269907/European-carbon-market-suspended-over-fraud-fears.html

 

More than €2bn (£1.7bn) of trade is likely to be disrupted after the European Commission said it would prevent transactions until January 26.

 

The suspension follows allegations that 475,000 carbon credits worth €7m were stolen in a hacking attack on the Czech carbon register. It appears that the intangible allowances were bounced between eastern European countries before disappearing without a trace.

 

According to the article,

 

"[The market] has been plagued by fraud, with Europol estimating that carbon trading criminals trying to play the system may have accounted for up to 90pc of all market activity in some European countries during 2009. Fraudulent traders mainly from Britain, France, Spain, Denmark and Holland pocketed an estimated €5bn."

 

Oh Joy - this is what we get when the belief in Man Made Global warming becomes a religion - common sense goes out of the window and we get Industrial-scale fraud - Now that is a nice environmentally friendly legacy to leave for the rest of us.

 

Mind you - Al Gore did very nicely out of the US version. I suspect other crooks and charlatans did almost as well on this side of the pond.

 

[colin]

I'm not totaly anti green movement and sencible use of resourses,some of the things they promote make sence, but carbon trading is just bulls**t.

[Corky 8]

This Mongrel Government wont need to buy any,  they will put enough people off the road due to fuel prices that they will be in Credit with the Euro Carbon Market.