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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Posted by William Teach on December 10, 2009 10:00 am
» Filed Under AGW hyposterics, Agenda based science, Anti-Capitalism, Australia, Cap & Trade, Fraud/misrepresentation, Global Warming, News, Science/pseudo-science, Taxes, Video, man-made science
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2 Responses to “Fraud In The EU Carbon Trading System? The Heck You Say!”
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Syndicate Me
Though I dislike it, I do understand that the art of understatement and plain speaking don’t get you funding nor programs these days.
That said, the fact, fact mind you, that the AGW folks have to resort to histrionics and doom to sell their agenda does not sell me on their agenda.
That and the fact that “since it’s for the planet” is only an option that I can buy off – then it’s truly NOT about carbon emissions, but rather about money and power.
True believers won’t accept that – I guess what gets to me is other people’s seemingly willful blindness to the facts.
We need to HURRY UP AND PASS this NOW!!! Mentality is like the boy crying wolf – but these “boys” can pass laws that make our lives very difficult.
It’s maddening that so many in power have completely lost their moral compass as to the basic idea of truth, right and wrong, and the idea that they are SERVANTS of the people and not a ruling entitled class.
I hope I have added to the discussion.
Steven
At one time I thought the airport screeners represented the creation of a brand new industry. Now I look at the magnitude of this commodity trading in CO2 credits and I am overwhelmed. Not only the sheer size of this industry, but at the willingness of the citizens of whatever country to allow it to happen.
If the citizens of the US allow this Gorebasm to happen, we deserve to lose our freedom to the UN. What an inglorious end to a “grand experiment!”