Carbon trading fraudsters lobby hard to keep their playground unregulated

Stupidity (in introducing cabon trading in the first place) and greed among the carbon traders and speculators reigns supreme.

No surprise!

Reports calls for tougher regulation on carbon trading scheme

Reports calls for tougher regulation on carbon trading scheme: image clickgreen.org.uk

Clickgreen reports:

Finance sector lobbyists are pushing the European Commission to block tighter regulation of the EU’s carbon market, a new report from Corporate Europe Observatory and Carbon Trade Watch, published today, reveals. 

The Commission is currently reviewing regulation of the market following a number of fraud cases and leaked documents suggest that it will include carbon trading under the revised Market in Financial Instruments Directive.

But according to Letting the market play, lobbyists from the International Emissions Trading Association – the main body representing carbon traders – and BusinessEurope have sought to minimise new regulations, with BusinessEurope claiming “no further regulation” is needed. 

Report author Oscar Reyes said: “Carbon markets are a playground for fraudsters and speculators. Financial regulations are the Commission’s belated attempt to trim the excesses, but the problems lie at the core. Handing over environmental policy to traders has done nothing to address climate change.”  ……..

The report shows that while IETA has blamed a “lack of action from the side of the regulators” for the cases of carbon fraud, its lobby strategy has been driven by a desire to find new opportunities for speculation by whatever means are necessary. 

In January 2011, the European Commission halted trading on a key part of the carbon market after the latest in a series of large fraud cases was uncovered.  According to Carbon Trade Watch, less than a month later and with the suspension still partly in place, the International Emissions Trading Association (IETA, the main carbon traders’ lobby group) was privately insisting to Brussels officials that “there might be no need to regulate this market”.

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One Response to “Carbon trading fraudsters lobby hard to keep their playground unregulated”

  1. Europe has “wasted” €210 billion on carbon trading for almost zero impact « The k2p blog Says:

    […] Carbon Trading  scams around the world are coming undone (though Australia in it’s wisdom and its noble efforts to single-handedly save the world has […]

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