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European carbon market suspended over fraud fears
Telegraph (UK) ^ | Thursday 20 January 2011 | Rowena Mason

Posted on 01/20/2011 11:29:53 AM PST by Ernest_at_the_Beach

The European carbon market has been thrown into turmoil after the scandal-hit scheme was suspended for a week over suspicions of fraud.

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 ...


TOPICS: Business/Economy; Extended News; Foreign Affairs; News/Current Events
KEYWORDS: algore; carbon; carbontrade; ccx; climatechange; fraud; globalwarminghoax
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To: Ernest_at_the_Beach
The EU is about to go teats up and instead of pursuing rational fiscal policies, they are all screwed up with selling air. Stop the bleeding first.
21 posted on 01/20/2011 12:29:05 PM PST by JPG (There is hope for America and her name is Sarah Palin.)
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To: Ernest_at_the_Beach

I want to open a hydrogen market..


22 posted on 01/20/2011 12:29:59 PM PST by TASMANIANRED (Liberals are educated above their level of intelligence.. Thanks Sr. Angelica)
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To: Ernest_at_the_Beach
Wow, I read that as “European caribou market” and opened it just to see what that could ever mean.
23 posted on 01/20/2011 12:38:22 PM PST by T. P. Pole
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To: Ernest_at_the_Beach

Criminals stealing from criminals. What a deal.


24 posted on 01/20/2011 12:38:28 PM PST by Marine_Uncle (Honor must be earned....Duncan Hunter Sr. for POTUS.)
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To: Ernest_at_the_Beach

Fraud?

You’re kidding!


25 posted on 01/20/2011 12:39:14 PM PST by azhenfud (The government is not best which secures life and property-there is a more valuable thing-manhood.)
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To: Ernest_at_the_Beach

Ha! That’s like Robert Redford suspecting Paul Newman of a double cross in The Sting. A fraud within a fraud. LOL


26 posted on 01/20/2011 1:44:13 PM PST by TigersEye (Who crashed the markets on 9/28/08 and why?)
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additional:
27 posted on 01/20/2011 8:00:38 PM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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