In the Media
European carbon market reopens but traders stay away
February 04, 2011
guardian.co.uk
Attempts to end the chaos inside Europe’s emissions trading scheme (ETS) stumbled today when the market reopened, only for minimal trading to take place.
Traders were said to be worried that business could remain polluted by the theft of carbon credits in Austria and elsewhere that forced a shutdown of the scheme on 19 January, at the estimated cost of £90m in lost business.
The European commission has called on national carbon registries to beef up their IT security systems, but has upset traders by declining to publicly reveal the minimum standards now required.
The ETS is seen as a vital tool in the fight against climate change and the fraud is a setback to attempts to sell the cap-and-trade scheme to the US, Australia and elsewhere.
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Keywords: carbon credits, carbon offset, ETS, EU, EU ETS, trading