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The great carbon credit heist — Will E-Thievery bring down cap-and-trade?

Last month, an Eastern European criminal band pulled off a roughly $60 million heist with no masks and no guns. How’d they do it? Well, the bandits were hackers, and the goods they stole — carbon credits — only exist electronically. The culprits penetrated registries in five European Union countries, prompting the European Commission to suspend spot trading at all 30 of the region’s national registries until it could track down the missing credits. Spot trading resumed at several registries earlier this month, but some of the largest exchanges remain inactive and volumes are thin. While the feat highlights the kinks in the relatively new carbon market, as well as the growing importance of cyber security as more and more of the (especially clean) energy landscape goes digital, it won’t slow the EU’s cap-and-trade program.

Continue Reading at Eurasia.foreignpolicy

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