Here’s more clear evidence that the Carbon Trading industry is doomed. Not only has carbon trading been halted in the USA due to lack of a market and ludicrously low prices of a nickel per ton, now it has been learned that in Denmark, more than 7 billion dollars has been lost due to the faulty system. Next step, Nigerian email system.
From Lawrence Solomon at the Financial Post:
Scam artists from around the world, capitalizing on lax regulations at the Danish emissions trading registry, have made off with an estimated $7-billion over the last two years, according to Europol.
Denmark’s Office of the Auditor General is now investigating the fraud, which occurred after the Danish registry dropped requirements that carbon traders be documented. While allowing a free-for-all served the carbon market on the short term, by appearing to inflate the interest in carbon as a commodity, it ultimately backfired when much of the trading proved to be phony.
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This story, greatly underreported, came to me via a Norwegian reader, Geir Hasnes, who has translated one of the few press reports to have appeared. His translation appears here.
Read more: http://opinion.financialpost.com/2010/12/05/lawrence-solomon-the-7-billion-carbon-scam/#ixzz17RIo17Jm
s at wattsupwiththat.com
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