Fraud In The EU Carbon Trading System? The Heck You Say!

Say, how’s that carbon trading market working?

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.

And that is not from some news organization doing some digging, the source is the European Law Enforcement Cooperation. Anyhow, who knew there was so much money involved in carbon trading?

In Europe there are 6 trading platforms: European Climate Exchange (London, UK), Nordic Power Exchange (Oslo, Norway), European Energy Exchange (Leipzig, Germany), Energy Exchange Austria (Graz, Austria), Climex (Amsterdam, the Netherlands) and BlueNext (Paris, France) and various other market platforms such as SENDECO2, Italian Power Exchange GME and most recently Greenmarket, set up by Deutsche Bank at the Munich exchange. More than 2 billion EUAs have been allocated to 12.000 emitting facilities in the 27 MS. The EU carbon market is estimated to be worth about €90 billion a year!

All to make people feel better so they can live their lives just as they always have, without giving up anything to save Gaia.

In an article I cited yesterday, I missed this paragraph

“People often ask about the costs,” said Kevin Parker, the global head of Deutsche Bank Asset Management, who tracks climate policy for the bank. “But the figures people tend to cite don’t take into account conservation and efficiency measures that are easily available. And they don’t look at the cost of inaction, which is the extinction of the human race. Period.

Um, yeah, OK. Whatever. Hysteric.

Over at Watts Up With That?, the hockey stick has been observed in NOAA ice core data. This is one of those posts you really, really have to read if you are interested in climate.

Finally, via Australian Climate Madness, It’s A Climategate Christmas!

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