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EU Plans Tighter Emissions-Market Oversight to Prevent Fraud
2010-12-21 11:03:03.920 GMT
By Ewa Krukowska and Jonathan Stearns
Dec. 21 (Bloomberg) -- The European Union said it may
tighten regulation of the world's biggest carbon market next
year to step up protection against fraud in spot trading.
"The market has reached a size which makes it a potential
target of fraudulent practices," EU Climate Commissioner Connie
Hedegaard said in a statement in Brussels today. "As the market
matures and grows further, it is critical that it continues to
be subject to appropriate and effective regulatory oversight."
The EU's emissions trading system is a cornerstone of the
bloc's efforts to tackle the heat waves, storms and floods that
scientists have linked to climate change. The European market,
started in 2005, had a value of almost $119 billion last year,
according to World Bank estimates.
Today's analysis by the European Commission, the 27-nation
EU's regulatory arm, showed that while "the lion's share of the
carbon market is subject to appropriate oversight," more may be
needed in the spot market.
For Related News and Information:
Emission market news: NI ENVMARKET <GO>
Today's top energy stories: ETOP <GO>
European power-markets home page: EPWR <GO>
--Editors: Andrew Clapham, James Neuger
To contact the reporter on this story:
Ewa Krukowska in Brussels at +32-474-620-243 or
ekrukowska@bloomberg.net;
Jonathan Stearns in Brussels at +32-2-285-4300 or
jstearns2@bloomberg.net.
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or
sev@bloomberg.net
