The EU's flagship mechanism for combatting climate change, the Emissions Trading Scheme (ETS), has been revealed as a magnet for tax fraud on a grand scale, costing government coffers around €5 billion euros.
In announcing its investigations into the pan-European racket, Europol, Europe's criminal intelligence agency, said that as much as 90 percent of the entire market volume on emissions exchanges was caused by fraudulent activity, undermining the very viability of the ETS just as the...
Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a member for as low as €1,75 per week.
Already a member? Login