EC pledges fraudulent carbon trading crackdown
European Commission leaders have pledged to tighten the continent's carbon trading system.
The commission yesterday (February 23) outlined a series of actions to strengthen the integrity of the carbon market following cyber-thefts from several EU Emissions Trading System registries last month.
The proposals were discussed by the European Union Climate Change Committee, which brings together representatives from all member states.
European Commissioner for Climate Action, Connie Hedegaard, said: "The commission has identified a range of actions member states can already take in the short term to further improve security for example by regularly reviewing security plans, by reinforcing registry account policies and identity checks, by training registry users etc.
"For the medium and long term we reinforce efforts to identify solutions in cooperation both with member states and through a regular dialogue with stakeholders."
Mrs Hedegaard also promised regular reviews and updates of registry security plans, a review and strengthening of policies concerning the opening of registry accounts.
And along with a host of proposals she also unveiled plans for a modification of the EU Registry Regulation system aimed at giving a stronger legal basis for measures to 'protect the integrity of the carbon market'.
Carbon markets will also face more legislation, with the commission starting a public consultation on enhanced carbon market oversight already announced last year.