BRUSSELS PLOTS SECURING VULNERABLE EU EMISSIONS TRADING SYSTEM AGAINST FRAUD
January 1st, 2011
BY KEITH NUTHALL
THE EUROPEAN Commission will this year release proposals to reduce the vulnerability of the European Union's (EU) emissions trading system (ETS) to fraud, just as cyber-criminals launched a lucrative attack on its systems this month. Brussels suspended spot trading on the scheme after the digital theft through Austrian, Czech and other national markets of Euro 30 million's worth of emissions credits. The Commission continued to allow the purchase and sale of carbon futures, but blocked permits being moved between accounts.
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