Wednesday, 30 December 2009

'Carousel' frauds plague European carbon trading markets

Just a few weeks ago, Europol, the cross-border police force, said that carbon trading fraudsters may have accounted for up to 90pc of all market activity in some European countries, with criminals mainly from Britain, France, Spain, Denmark and Holland pocketing an estimated €5bn (£4.5bn).

"It is estimated that in some countries, up to 90pc of the whole market volume was caused by fraudulent activities," Europol said.

Figures from New Energy Finance show the value of the global market falling from $38bn (£23bn) in the second quarter to $30bn in the three months to the end of September after several countries cracked down.

Read the full article by Rowena Mason at the Daily Telegraph here.

Monday, 21 December 2009

New Earth Solutions Raises £20 million

The fundraising allows New Earth to begin work on its fourth operational site in Leicestershire. The waste treatment site, which will begin to accept municipal rubbish from Autumn 2010, will extract recyclables and convert biodegradable material to a compost-like substance.

New Earth Solutions will use part of the money for the refinancing of its waste treatment facility in Gloucestershire, which it acquired in February this year.

Each site will have a capacity of around 50,000 tonnes of waste a year.