European commission extends carbon market freeze indefinitely

And about time too.

A raft of countries (including Japan, Australia, Canada and the United States) have already shelved cap and trade schemes.

Of course the fundamental fraud that is carbon trading goes much deeper than just the  recent thefts of credits. Hopefully it will never be revived!

image wattsupwiththat.com

The Guardian:

The European commission’s emergency suspension last week of trading in carbon allowances to put a halt to rampant theft of credits by hackers has been extended indefinitely until countries can prove their systems are protected from further fraud.

While the suspension had been expected to end last night, Brussels now says that the freeze in trades had been imposed to give the commission executive some breathing space to figure out what to do.

“The suspension last week was only a transitional measure to give the commission and member states the time to assess the situation and decide the way forward,” the commission’s climate spokeswoman, Maria Kokkonen, said. “Okay, this hurts, but it must hurt in order to make things more secure, more robust. Evolution through crisis.”

A total of 30 countries that participate in the Emissions Trading Scheme, Europe’s flagship climate change policy, must now send assessments of the situation performed by independent monitors. On 19 January, the commission suspended “spot” trading in allowances after up to 2m permits worth around €30m were stolen by computer hackers. Brussels said that half the participating countries were not sufficiently secure. Permits went missing in Austria, the Czech Republic and Greece.

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