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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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1 posted on 01/20/2011 11:29:58 AM PST by Ernest_at_the_Beach
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To: Ernest_at_the_Beach; FrPR; enough_idiocy; meyer; Normandy; Whenifhow; TenthAmendmentChampion; ...
Thanx Ernest !

 


Beam me to Planet Gore !

2 posted on 01/20/2011 11:30:52 AM PST by steelyourfaith (ObamaCare Death Panels: a Final Solution to the looming Social Security crisis ?)
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To: Ernest_at_the_Beach
H/T to Watts Up With That?:

Euro Carbon Market Fraud – trade suspended

********************************From the comments*********************************

grayman says:

January 20, 2011 at 12:41 am

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

3 posted on 01/20/2011 11:33:30 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Tolerance Sucks Rocks; SunkenCiv; Paul Pierett; neverdem; I got the rope; Dr. Bogus Pachysandra; ...

fyi


4 posted on 01/20/2011 11:34:28 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

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.


5 posted on 01/20/2011 11:35:58 AM PST by ronnie raygun (V.........................................FOR VOMIT)
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To: Ernest_at_the_Beach

Fraud?

In a ‘market’ that sells something that does not exist?

I’m shocked! Truly I am...


6 posted on 01/20/2011 11:35:58 AM PST by WayneS (Enlightened statesmen will not always be at the helm. -- James Madison)
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To: All
More from the comments at WUWT:

***********************************EXCERPT****************************************

Nigel Brereton says:

January 20, 2011 at 1:09 am

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.

7 posted on 01/20/2011 11:36:58 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: WayneS

8 posted on 01/20/2011 11:37:45 AM PST by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: All
More :

*********************************EXCERPT**********************************************

Richard Heg says:

January 20, 2011 at 1:28 am

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


9 posted on 01/20/2011 11:38:55 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: WOBBLY BOB

LOL...Thanks.


10 posted on 01/20/2011 11:39:50 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Carbon Trading Schemes in Trouble and Ignored

http://www.freerepublic.com/focus/f-news/2644497/posts

the WARMonger’s house of cards are collapsing...


11 posted on 01/20/2011 11:43:30 AM PST by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: Ernest_at_the_Beach

Well, at least we can still trade Easter Bunny Futures.


12 posted on 01/20/2011 11:43:57 AM PST by Question Liberal Authority (Worst. Post-Racial. And Post-Partisan. Agent Of Hope And Change. EVER.)
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To: WOBBLY BOB
From the comments:

************************************EXCERPT**********************************************

Nigel Brereton says:

January 20, 2011 at 3:58 am

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!


13 posted on 01/20/2011 11:45:42 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Somebody kicked the cardboard box out from under the 3-card monte game.


14 posted on 01/20/2011 11:46:00 AM PST by dead (I've got my eye out for Mullah Omar.)
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To: Ernest_at_the_Beach

Somebody faked their magic smoke trading cards?


15 posted on 01/20/2011 11:46:58 AM PST by paulycy (Just be truthful and accurate. Let civility take care of itself.)
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To: Ernest_at_the_Beach

Gee, who’d’ve thunk it?


16 posted on 01/20/2011 11:48:53 AM PST by arderkrag (Georgia is God's Country.----------In the same way Rush is balance, I am consensus.)
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To: Ernest_at_the_Beach

Gee, who’d’ve thunk it?


17 posted on 01/20/2011 11:48:58 AM PST by arderkrag (Georgia is God's Country.----------In the same way Rush is balance, I am consensus.)
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To: blam; Marine_Uncle; BOBTHENAILER; SierraWasp; tubebender; Grampa Dave; NormsRevenge; ...

California is setting up it’s own Carbon Exchange...likely we will mimic the European experience.


18 posted on 01/20/2011 11:50:32 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach
One of the reasons I was so opposed to carbon credit scams is that it gives a bad name to the idea of trading in VALIDATED and INSURED offsets and mitigations. There is nothing intrinsically wrong in paying for services and pooling risk. There is a lot wrong in fraudulent trades and contracts.

These people belong in jail, or better yet, I've got work for them. :-)

19 posted on 01/20/2011 11:55:14 AM PST by Carry_Okie (The environment is too complex and too important to manage by central planning.)
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To: Ernest_at_the_Beach
"You mean to tell me our invisible unicorn saddles are a fraud? What are we supposed to use to ride our unicorns?"


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

20 posted on 01/20/2011 12:02:59 PM PST by The Comedian ("Extremism in the defense of liberty is no vice" - B. Goldwater)
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