12/19/11, "MEPs to take step towards supporting carbon price," Reuters via UK Guardian
"European politicians are expected on Tuesday to vote through an amendment that could pave the way for direct intervention in the EU carbon market, which has sunk to record lows.
Businesses and environmentalists have heaped pressure on the European Commission to bolster the EU Emissions Trading Scheme. The bloc's flagship tool for cutting carbon emissions greatly suffered under the burden of a sovereign debt crisis and oversupply, which the amendment would seek to address
- by reducing availability of allowances.
The current carbon price of less than €7 ($9) per tonne is regarded as too low to encourage investment in green energy. For that, prices would need to reach somewhere between €20 and €50....
The vote is not binding. If passed, it would require a further vote next year and debate by member state governments."...--------------------------
Everyone knows CO2 trading is infested with organized crime.
1/28/11, "Greek hackers steal emissions rights and sell them for EUR 28 million," Wired Greek, AllVoices
"Greek hackers apparently made the big scoop
- and earned 28 million euros through emissions trading."...
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2/21/11, "Hackers target European carbon registries," USA Today, B. Acohido
"An Eastern European cybergang has perfected an emerging form of digital theft to steal millions of dollars from
- Europe's carbon registries....
Another such gang, for instance, gained recent media attention for its deep access to Nasdaq's Directors Desk, a cloud-based collaboration service for senior executives. Authorities have released few details. But that gang went undetected for at least a year, giving it plenty of time to try different ways to pilfer sensitive corporate
- documents from 175 organizations.
In one sting, the gang stole $31 million from a Romanian cement company; in another, they called in
- a bomb threat to the Czech Republic registry.
While the building was cleared, the bad guys exfiltrated $25.6 million. After several other large thefts, the European Commission shut down all the registries in mid-January. Some have been allowed to reopen, but the
- majority of Europe's carbon registries remain closed."
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"Windfall profits are also being earned under a separate scheme, the European Union’s carbon market. Power companies, Europe’s biggest polluters, will earn profits of nearly $30 billion a year directly as a result of the scheme, a Reuters report showed on Friday.
The flaw won’t be corrected until 2013 at the earliest — nine years into the scheme.
Utilities are earning these profits by perfectly legally passing on to electricity consumers the price of emissions permits which they get for free. They are treating those permits as an asset, and costing them like that when they redeem them for producing emissions.
Analysts differ over whether the windfall will be...tackling climate change,
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In plain English from George Soros:
12/4/09,"Carbon Capitalists warming to climate market using derivatives" Bloomberg News
"George Soros, the billionaire hedge fund operator, says money managers would find ways to manipulate cap-and-trade markets. “The system can be gamed,” Soros, 79, remarked.... “That’s why financial
types like me like it --
because there are financial opportunities.""...
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2/1/11, ""Broken" EU spot CO2 market will struggle to revive," Reuters, Chestney
"Investors say they have lost faith in a spot market in European carbon emissions permits after a 45 million euro ($61.79 million) cyber theft.
- That means any recovery will be slow at best when the market re-opens in coming days.
The European Commission halted spot trade two weeks ago after permits called EU Allowances (EUAs) vanished from national, electronic carbon accounts called registries in Greece, Austria and the Czech Republic....
"It's an absolute disaster for the spot market," said Louis Redshaw, head of environmental markets at Barclays Capital.
"We're at the point now where the market is essentially broken."...
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10/8/10, "Murder on the Carbon Express: Interpol Takes On Emissions Fraud," Mother Jones, M. Schapiro
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7/16/10, "Carbon Trading Used as Money-Laundering Front," Jakarta Globe
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via Tom Nelson; Bloomberg article via Reference Frame
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