EU Proposes More Secure Carbon Trading After Thefts

The European Union proposed measures to better protect the bloc’s carbon-registry system from fraud and abuse after thieves roiled the market earlier this year.

The proposed regulation on the EU common registry, which will start operating next year, includes a 24-hour delay in the transfer of emission permits that may be fraudulent, according to a draft published today by the European Commission. The region’s spot carbon market grounded to a halt for 15 days earlier this year after computer hackers in January illegally transferred allowances valued at around 50 million euros ($73 million) at today’s prices.