EU extends hacker-induced emissions trading halt

Jan 27, 2011
The EU extended a freeze Thursday on trading in carbon credits ordered after hackers broke into national trading registries and stole and then sold millions of euros worth of polluting rights.

The EU extended a freeze Thursday on trading in carbon credits ordered after hackers broke into national trading registries and stole and then sold millions of euros worth of polluting rights.

"Security comes before trading," said Maria Kokkonen, spokeswoman for climate action commissioner Connie Hedegaard.

"It's going to take time," she told AFP, with only internal trading in the best-protected national registries targeted for resumption next week.

Originally, it was suspended for a week which would have meant restrictions being lifted as of Wednesday evening.

Less than half of the 27 EU states are deemed by the commission to have implemented adequate online security, although minimum standards have now been agreed by experts from around the bloc.

The European Union Emission Trading Scheme (ETS) is the largest multi-national, trading scheme in the world, with about 12,000 companies on the exchange.

Limits are placed on the amount of companies may emit, and those who pollute less are free to sell them to companies that need more.

The system has frequently been attacked, with another halt ordered in trading in numerous countries last year after "phishing" emails tricked users into divulging their passwords and a VAT scam in 2008 and 2009 netting criminals five million euros.

Explore further: US Congress decriminalizes cellphone unlocking

add to favorites email to friend print save as pdf

Related Stories

EU to ban China, India carbon credits trade

Jan 21, 2011

Europe is to ban a highly lucrative trade in polluting rights obtained by European-based companies under a UN scheme to favour environmentally-friendly industrial investment in the likes of China or India.

EU backs climate change measures

Mar 05, 2008

The European Union has voted to support climate change proposals to cut emissions and increase energy efficiency.

Recommended for you

Scalping can raise ticket prices

13 hours ago

Scalping gets a bad rap. For years, artists and concert promoters have stigmatized ticket resale as a practice that unfairly hurts their own sales and forces fans to pay exorbitant prices for tickets to sold-out concerts. ...

Study shows role of media in sharing life events

Jul 24, 2014

To share is human. And the means to share personal news—good and bad—have exploded over the last decade, particularly social media and texting. But until now, all research about what is known as "social sharing," or the ...

User comments : 0