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The Europol revelation has cast a shadow of the EU's flagship emissions reduction scheme (Photo: EUobserver)

EU emissions trading an 'open door' for crime, Europol says

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...

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The Europol revelation has cast a shadow of the EU's flagship emissions reduction scheme (Photo: EUobserver)

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