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An international trade group representing the carbon market has this week called on EU authorities to avoid unnecessary regulation of the European emissions trading scheme (ETS).
In a report released earlier this week, the International Emissions Trading Association (IETA) said EU lawmakers should not overact to a recent spate of fraud committed within the high profile trading scheme, instead proposing a light touch Europe-wide body to monitor potential abuses of the market.
IETA chief executive and president, Henry Derwent said the European carbon market had doubled in trading volume each year since its formation and was worth around €66 billion in 2009. He argued that given the rapid growth and size of the marjet it was natural that it would fall victim to some fraudulent activity and urged the EU not to overreact by introducing unnecessary regulations.
‘A market this size is bound to have its security tested, however recent problems experienced were not related to the market itself but to IT security deficiencies and the fragmentation of the EU’s VAT system,’ said Derwent.
The EU has already launched a series of measures in response to a number of fraudulent incidents in the carbon market.
In April, EU authorities banned the sale of ‘recycled’ carbon credits following an incident involving the Hungarian government.
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