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Something Nasty in the Greenhouse

Hartley Foster of Olswang discusses how MTIC fraud has arisen in the carbon trading market
In January 2005 the European Union's Greenhouse Gas Emission Trading System (ETS) commenced operation. ETS is the largest multi-country multi-sector greenhouse gas emission trading system in the world.
The legislation from which ETS derives is the Emissions Trading Directive 2003/87/EC (the ETS Directive). The ETS Directive applies only to a subset of the EU's greenhouse gas emissions (estimated to be between 40% and 45% of the EU's CO2 emissions) namely CO2 produced by heavy industrial facilities such as oil refineries and power stations; emissions from transport domestic premises aviation agriculture and non-CO2 greenhouse gases are outside the scope of the ETS Directive. The ETS Directive introduced mandatory limits on CO2...

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