Cybersecurity
EU to Focus on Regulatory ‘Gap’ to Curb Fraud in Spot CO2 Market
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The European Union will take testimony this week on a regulatory “gap” exposed earlier this year, when criminals stole carbon permits and forced the closure of spot trading for 15 days.
The European Commission, overseer of the world’s largest emissions-trading system, is due to meet tomorrow in Brussels with emitters, traders, researchers and climate groups to discuss protection for contracts for immediate delivery. Spot volume, historically accounting for 15 percent of the EU carbon market, has yet to bounce back from this year’s thefts by online hackers and value-added tax fraud in 2010.