Telegraph
"This is not the first challenge to the credibility of the €90bn annual market in carbon allowances. Under the flagship scheme, companies need permits to emit carbon dioxide as part of the global fight against climate change and polluters are granted a certain number of emissions allowances that can be traded. ......But it has been plagued by fraud, with Europol estimating that carbon trading criminals trying to play the system may have accounted for up to 90pc of all market activity in some European countries during 2009. Fraudulent traders mainly from Britain, France, Spain, Denmark and Holland pocketed an estimated €5bn. Carbon allowances are particularly susceptible to fraud because they are high value, intangible and easily moved between different countries. "
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