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Huge Phishing Attack On Emissions Trade In Europe
bratgitarre writes "A targeted phishing scam on companies trading with greenhouse gas emission certificates in Europe has reaped millions, Der Spiegel reports. By sending phishing e-mails to companies in Australia and New Zealand purporting to be from the German Ministry for Environmental Protection (German article, Google translation) the criminals obtained login credentials for companies owning polluting permissions. They then swiftly sold them to other polluters in various European countries. Damages are probably huge for a single incident, as 'one medium-sized German company alone had lost allowances worth €1.5 million ($2.1 million).' German federal officials, who can trace some of the transactions, claim that out of 2000 certificate sellers, seven responded to the scam."
Is there any reason it would be a bad idea, if someone has control over millions in assets, two people's login credentials should be required to confirm a transaction? It's bad enough to have someone responsible for that much money be foolish enough to fall for a phishing scam, but I should hope there is a low chance two people could run a company successfully but both fall for the same scam.
My webcomic
The US cap and trade on sulphur dioxide emissions was passed in 1990.
Overall, the Program's cap and trade program has been successful in achieving its goals. Since the 1990s, SO2 emissions have dropped 40%, and according to the Pacific Research Institute, acid rain levels have dropped 65% since 1976.[15][16] However, this was significantly less successful than conventional regulation in the European Union, which saw a decrease of over 70% in SO2 emissions during the same time period.[17]
S02 emissions were also falling from a peak in the late 1970s toward the 1990s, in other words the US S02 trading scheme was on an already declining path and was less successful than more direct European approaches.
S02 emissions trading was also local and not between countries which is another area where the proposed Green House Gas emissions trading schemes fall down. A corrupt county can just 'create' permits and then sell them. This has already happened with European and other schemes.
A tax would be a much more honest, much more transparent scheme than an Emissions Trading Scheme (ETS). ETS type solutions are attractive largely because politicians don't have to say they are a new tax, they can be easily gamed by giving out free permits and Enron style firms (including Enron itself before it went bankrupt) see a potential bonanza.