EU Carbon Market Suspended After ‘Theft’

Environmental Leader, January 20, 2011

The European Union suspended most of its 72 billion euro carbon market yesterday after the suspected theft of 7 million euros of emissions permits from the Czech Republic’s carbon registry.
The EU halted most carbon market operations at all 30 member countries following the attack. It did not give a date for trade to resume, but said it would open the emissions trading scheme as each member state proved the security of its system, Reuters reported. Read more...

Tax Fraud Plagues Carbon Trading Program

ΕΝΝ, May 20, 2010

According to Bloomberg New Energy Finance, tax fraud is the carbon trading market’s most egregious form of cheating, affecting about seven percent of this $125 billion market in 2009. In August 2009, seven people were arrested near London for not paying tax on the sale of carbon permits, for a total of £38 million (about U.S. $63 million). The taxes were levied as part of the European Union Greenhouse Gas Emission Trading System, created in January 2005 and based on Directive 2003/87/EC, which was enforced beginning Oct. 25, 2003. Read more...

Australia, Belgium Find More Cases of Carbon Fraud

Environmental Leader, January 07, 2010

More carbon fraud cases are popping up around the globe including Australia and Belgium as government watchdog organizations step up efforts to monitor the nascent green business sector.
As an example, the Australian Competition and Consumer Commission (ACCC) says it is closely watching the green business sector, reports SmartCompany. ACCC recently forced a green power company, Global Green Plan, to purchase carbon credits it had promised to buy on behalf of customers, but never did, and is currently pursuing action against carbon capture company Prime Carbon over allegedly misleading claims made by the firm, according to the article. Read more...