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.

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