Wednesday, May 05, 2010

'Criminal activity intrinsic to carbon market' emissions trading

"The raids come after Europol, the European criminal intelligence agency, last December issued a warning that ETS fraud had resulted in around €5 billion in lost revenues.

In announcing its investigations into the pan-European racket, the agency said that

  • as much as 90 percent of the entire market volume on emissions exchanges

European Commission climate spokeswoman Maria Kokkonen told EUobserver that a new EU directive on reverse charges for emissions trading, which aims to close off this form of tax fraud, was implemented in February of this year specifically to deal with this problem....

  • If the experimental directive turns out not to put an end to ETS fraud, "other options may be considered."...

Environmentalist critics of the ETS however said that

"Carbon markets are highly susceptible to fraud, given their complexity and the fact that it is not always clear what is being traded," said Oscar Reyes of Carbon Trade Watch.

  • "It's good that the commission and tax authorities are clamping down, but it is unlikely that this will be the last case of carousel fraud,

but also unlikely that it will be the last type of fraud involved in emissions trading.""

MLB games become staging area for global warming/carbon trading pressure groups "Prosecutors do not yet see the warmist panic and its financial scam carbon credits as a fraud designed to enrich Al Gore, Goldman Sachs, and all of Obama's friends that are investors in the Chicago Climate Exchange." American Thinker, 5/5, Thomas Lifson


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