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Thursday, 20 January 2011

EU locks carbon market after security breach

The European Union locked all accounts in its carbon market on Wednesday (19 January) after a security breach, seeking to protect the battered reputation of the EU's main weapon against climate change. The European Commission suspended much of its Emissions Trading Scheme, the hub of a 92-billion-euro global market, following the suspected theft of about seven million euros of emissions permits from the Czech Republic's carbon registry. This theft and a hacking attack on the Austrian registry on 10 January follows a raft of scandals to hit the market in the past two years, including VAT fraud, a phishing scam and the re-sale of used carbon credits.

Source: Euractiv

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