climateandcapitalism.com
Carbon trading: speculation by design
A new report shows why the European Union's effort to impose rules against fraud in carbon is doomed to fail ... again The European Union is changing its rules on how carbon is traded in response to a series of fraud cases and the financial crisis. This report looks at how corporate lobbies are trying to influence this process, and notes that such measures are bound to fall short since they attempt to "regulate the unregulatable". Letting the market play: corporate lobbying and the financial regulation of EU carbon trading (PDF: 430kb, co-published by Carbon Trade Watch and Corporate Europe Observatory, shows that: The European Commission adopted a deliberately light touch approach to regulating its Emissions Trading System since its launch in 2005. A series of fraud cases made this position untenable. The Commission has proposed measures to tighten security, which was previously so lax that it was easier to become a carbon trader than to open a bank account. However, the new rules