From the Telegraph: European carbon market suspended over fraud fears
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.
…
“Although such incidents are negligible in terms of actual market impact, they will over time undermine the credibility of carbon trading as a policy measure to reduce emissions in Europe. Immediate actions to improve the security of EU registries are thus needed.”
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Full story at the Telegraph here
“It appears that the intangible allowances were bounced between eastern European countries before disappearing without a trace.”
How can something intangible disappear when it doesn’t exist in the first place?
I think they are worried about the wrong credibility issue.
That’s always the problem when selling air – it’s hard to find when it disappears.
Who couldn’t see this happening?
On 28 December 2010 our government decided to suspend the plan to introduce domestic carbon trading. Everything is changing after Climategate. Good situation perhaps.
Awesomely funny!
What a surprise! Not.
That’s the EUSSR in a nutshell. Reality is far too hard for them to deal with so they bombard us with fantasy politics and funny money. To be honest I think the entire edifice needs suspending – preferably on the end of a rope.
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
Great cartoon panel by the way LMAO!
I wonder — does ANYBODY actually believe that the physical reductions of CO2 production being traded ever really occur?
Your comic is perfect timing.
Canadians spend most of waking life sedentary: StatsCan
http://www.ctv.ca/CTVNews/MedExpress/20110119/statscan-physical-activity-accelerometer-survey-110119/
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.
Odd, the con men were robbed by con men. Heavens where is honor between thieves?
At least for awhile honest people will be safe. Maybe we should give these guys a reward for keeping the credits market closed! pg
As I was walking up the stair
I met a man who wasn’t there.
He wasn’t there again today.
I wish, I wish he’d stay away………
🙂
WOW…
So let me get this straight…..
Interpol are saying 90% of trades in 2009 were corrupt (I image the 2010 figures wont be much better.) thereby feeding billions of tax payers money into organized crime syndicates and they are still allowing the carbon exchange to trade…..
They used to say: “the end justifies the means” but these new age thinkers say : The attempt to acheive an end no matter how obscure or absurd is justifies any corrupt incompetent means”
Or am I just having a grumpy day?
‘Undermine the credibility of the carbon market’? It has already been undermined by being set up. There were warnings that this would happen in the first week! Carbon trading is a stupid controlling idea from a corrupt European government.
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
I suspect EVERYTHING European of fraud…
(For those who want the script of the above excellent cartoon)
ON CARBON CREDITS
WIFE: Are you still sleeping? It’s past noon!
HUSBAND: I’m not sleeping! I’m having an environmentally friendly day.
WIFE:What?
HUSBAND: If I stay in bed, I don’t use up earth’s precious resources! No driving around releasing greenhouse gases, no consumer consumption frenzy… I even use less oxygen!
WIFE: How do you plan to make a living?
HUSBAND:I’ve set up a website where people can buy my carbon credits! They can take airplanes and drive SUVs, then just pay me to stay in bed!
by Nitrozoc & Snoggy (Cartoon)
Who is that husband?
It’s long been obvious that the scheme would be a magnet for organised crime. I wonder if the EC will have the guts to do a full audit and find out just how much intangible carbon is missing? the standard anodyne statement , “All such incidents….” so there have been others “are negligible”, (we hope) yada-yada, presupposes that any inquiry will dissolve peacefully by the “lessons learned” route aand details will be hidden from the public using the “commercially sensitive” detour.
The building of the 21st Century’s South Sea Bubble will not be deflected by the reality of trading an mythical asset in a corrupted marketplace.
If they catch the culprits, will the charges amount to anything more than hacking a Facebook account to steal someone’s Farmville coins?
Anthony,
I have 1/2 billion cyber dollars on my computer from winning in slots.
I was just wondering if I could convert this to carbon credits?
No, mine holds bites of memory and not air… 🙂
Interesting that the swine only squeal about fraud when it concerns the trough they have their snouts in. They have no right to complain. They planned to defraud the world. Hopefully the market tanks like the CCX when the suspension is lifted.
Of course then the usual suspects will just start blathering about bio-crisis, bio-credits and redistributing bio-debt through UN global governance…
This is on top of the VAT (Value Added Tax) frauds already encountered that forced some governments in the EU to abandon that cash generating con on top of the carbon crime already being perpetrated…
Since the whole ‘Carbon Credits’ trade is a swindle of megalithic proportions, perhaps a private prosecution against those who set it up is in order? Since the primary beneficiaries of the ‘profit’ from this trade are Greenpeace, Fiends of the Earth, Earth First and other “Green” lobby and eco-terror groups, perhaps it is time to set Interpol on them as well…
So…it disappears into thin air…
Who would’ve thunk it.
It’s the perfect crime, Guys.
Made by ~ in my humble opinion ~ imperfect criminals.
Joe, I could exchange your 1/2 billion cyber dollars for 2 trillion web-based-carbon-credits on a new website I could set up if you agree to the deal. I suspect that both would have exactly the same intrinsic value.
OH damn my morality. I could make a fortune if I didn’t have a conscience.