Beam me to Planet Gore !
Posted on 01/20/2011 11:29:53 AM PST by Ernest_at_the_Beach
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.
France's Bluenext exchange was the first to close its platform, while Austria, Poland, Estonia and Greece also shut their registries for trade.
This is not the first challenge to the credibility of the €90bn annual market in carbon allowances
Under the flagship scheme, companies need permits to emit carbon dioxide as part of the global fight against climate change and polluters are granted a certain number of emissions allowances that can be traded.
(Excerpt) Read more at telegraph.co.uk ...
Euro Carbon Market Fraud – trade suspended
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grayman says:
Nobody in their right mind can say that they did not see this coming. IMO this market is all about making bankers rich and tax money for gov. and no way would it ever reduce CO2 as has been said by many here. Now somebody else figured out how to get in and get rich without spending a dime
fyi
There afraid of fraud fears? like this is a legitimate program that will get corrupted by criminals. It’s a legitimate ponzi scheme and they are all criminals running a fraudulent, corrupt, criminal enterprize on lies.
Fraud?
In a ‘market’ that sells something that does not exist?
I’m shocked! Truly I am...
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Nigel Brereton says:
It’s a good income source for organised crime since the need for registration details was relaxed.
Set up as a trader, no details required, buy carbon credits with funds obtained by illegal methods, sell them on to unsuspecting individuals and charge tham the Value Added Tax that is required but don’t pass it back into the revenue system.
Benefits are many fold, laundering of drugs money with an added bonus of the VAT payment. If they get traced and found they get fined. If they are caught with drugs they get jailed so the risk to ‘business’ lessens.
Reports by some news outlets suggest figures of 90% of trading in 2009 fell into this ‘business’ plan.
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Richard Heg says:
On the subject of fraud, from the BBC today:
Fraudsters are targeting climate scientists with fake conferences in a bid to make cash and obtain details.
http://www.bbc.co.uk/news/science-environment-12219472
LOL...Thanks.
Carbon Trading Schemes in Trouble and Ignored
http://www.freerepublic.com/focus/f-news/2644497/posts
the WARMonger’s house of cards are collapsing...
Well, at least we can still trade Easter Bunny Futures.
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Nigel Brereton says:
It’s only the small change that they are chasing.
This story from the Times in 2009 puts it into perspective:
http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article6945991.ece
LAKSHMI MITTAL, Britain’s richest man, stands to benefit from a £1 billion windfall from a European scheme to curb global warming. His company ArcelorMittal, the steel business where he is chairman and chief executive, will make the gain on “carbon credits” given to it under the European emissions trading scheme (ETS).
The scheme grants companies permits to emit CO2 up to a specified “cap”. Beyond this they must buy extra permits. An investigation has revealed that ArcelorMittal has been given far more carbon permits than it needs. It has the largest allocation of any organisation in Europe.
The investigation has also shown that ArcelorMittal and Eurofer, which represents European steel makers at European level, have lobbied intensively in Brussels. This has included threatening to move plants out of Europe at a cost of 90,000 jobs, and asking European commissioners to meet Mittal.
ArcelorMittal is now free to sell its surplus permits on the market or to hoard them for future use. The latter would allow it to avoid cutting greenhouse gas emissions for years, effectively undermining the point of the scheme.
Either way, the company will have gained assets worth around £1 billion by 2012. The eventual value could be much greater. Each carbon permit is currently worth about £12.70 but the European Union has said it wants to drive this price above £30.
The rest of the article at the link.
In order for the UK to have any future energy capacity the government is counting on carbon prices going up to £75 /t by 2050.
This one example of why it is so hard to get a counter argument publicised!
Somebody kicked the cardboard box out from under the 3-card monte game.
Somebody faked their magic smoke trading cards?
Gee, who’d’ve thunk it?
Gee, who’d’ve thunk it?
California is setting up it’s own Carbon Exchange...likely we will mimic the European experience.
These people belong in jail, or better yet, I've got work for them. :-)
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