Friday, March 19, 2010

Carbon trading fraud may force market to trade OTC

"The latest scandal to hit the carbon markets, involving the trading of recycled Certified Emission Reduction units (CERs), could damage the credibility of carbon credits and push volumes off exchanges and
  • "This might start pushing trading of CERs onto the OTC market, because participants will start to sort their own documentation out to guarantee the CERs they are trading are not ones that have been used before," says Trevor Sikorski, carbon analyst at Barclays Capital.

A number of European climate exchanges, including France's BlueNext and Norweigan-based Nord Pool, have halted trading of (UN) CER contracts this week in response to fears recycled carbon credits have entered the market."...

Too big to fail-the trillion dollar carbon market is dying so the White House doubles down with big stakes in an industry built on nothing. It announces multiple task forces really for sure confirm catastrophic global warming threatening the very functioning of government. There is no proof of this and much proof to the contrary. Anyone who would trust the United Nations with 10 cents needs to seek counseling or incarceration. Among other examples is the Iraq Oil for Food scandal in which UN personnel diverted money to personal bank accounts, relatives, etc. ed.

Reference: TimesOnlineUK, 3/18/10, "Chaos on carbon market over 'recycled' permits," by Carl Mortished.

  • graph from Chicago Climate Exchange showing trades down to 10 cents.


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