Thursday, December 10, 2009

Colossal carbon credit con

Canny criminals have tapped into the €90 billion (US$132 billion) EU carbon market:

The European Union (EU) Emission Trading System (ETS) has been the victim of fraudulent traders in the past 18 months. This resulted in losses of approximately 5 billion euros for several national tax revenues. It is estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities.

It is of course possible that some frauds, possibly many, have yet to be detected. And just imagine the potential for manipulation as emission trading expands.


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