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According to Bloomberg New Energy Finance, tax fraud is the carbon trading market’s most egregious form of cheating , affecting about seven percent of 2009’s $125-billion market. In August of 2009, seven people were arrested near London for not paying tax on the sale of carbon permits, for a total of &ound;38 million (about $63 million U.S.). The taxes were levied as part of the European Union Greenhouse Gas Emission Trading System (EU ETS), created in January of 2005 and based on Directive 2003/87/EC, which was enforced beginning October 25, 2003. Carbon emissions trading, or cap-and-trade …

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Emissions Related Tax Fraud Surrounds EU Carbon Program

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by Jonathan Hiskes Courtesy Related Links: Understanding the allure of ‘drill baby drill’ Is Obama’s offshore drilling plan winning any GOP votes? 75 countries set carbon emission targets for 2020, says U.N.

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Scrounging for a green angle to the Large Hadron Collider experiment