EU Suspends Carbon Trading After Almost $38 Million Stolen


The most recent theft of almost US$38 million in EU Emission Trading System carbon credits may shift political support in favor of centralization and abolition of national registries.

On January 20, 2011, the European Commission, the executive arm of the European Union (EU) in charge of overseeing the Emission Trading System (ETS), suspended all spot-trading activity on that carbon emissions market after determining US$37.7 million worth of credits may have been stolen. The EU suspects the fraud occurred because of insufficient network security on the national carbon registries for Austria, the Czech Republic, Estonia, Greece and Poland. Maria Kokkonen, spokeswoman for the EU’s Climate Action Commissioner, announced that spot-trading will be suspended until all countries participating in the ETS provide the commission with independent reports confirming network security system upgrades.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McDermott Will & Emery | Attorney Advertising

Written by:


McDermott Will & Emery on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.