Climate Common Sense
"When you are selling nothing but pieces of paper it is not surprising to find that up to 90% of market volume in some countries is fraudulent. Criminals (and most everyone else) are much cleverer than the bureaucrats who set up the dopey scheme causing losses of up to 5 billion Euros (6.6 Billion USD) . To this day it seems only a few charges have been laid for only a small part of these losses.
The European Union (EU) Emission Trading System (ETS) has been the victim of fraudulent traders in the past 18 months. This resulted in losses of approximately 5 billion euros for several national tax revenues. It is estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities.
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