Carbon markets are still a playground for fraudsters, report claims

Report author Oscar Reyes said: “Carbon markets are a playground for fraudsters and speculators. Financial regulations are the Commission’s belated attempt to trim the excesses, but the problems lie at the core. Handing over environmental policy to traders has done nothing to address climate change.”

Belen Balanya from Corporate Europe Observatory added: “The Emissions Trading System’s vulnerability to industry lobbying leaves it incapable of effectively reducing carbon emissions in Europe. Treating carbon as a financial product that is bought and sold to boost corporate profits does not lead to the carbon cuts urgently needed in response to climate change. The Commission has failed to adequately regulate this market – and should clamp down on carbon trading in the interests of the environment.”