Isramart llc: European carbon markets close after EUR28m theft

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Isramart llc news:

Airlines that have lodged their 2010 carbon emissions data and are waiting for the European Union (EU) to respond with Emissions Trading Scheme (ETS) carbon permit figures may have to wait a little longer.

Cyber thieves hacked into Czech and Austrian registries (each EU country keeps a list of permits held by companies in its jurisdiction) and stole EUR28m of permits, causing the trading scheme to be suspended and carbon prices to rise to more than EUR15 a tonne.

As a result of the fraud, the spot trading market - which already trades around 20 million tonnes of carbon a day on behalf of mining and other industries - has been closed until countries tighten their security.

Other carbon trading bodies including Blue Next in France and Climex in Netherlands are closed 'until further notice' and the largest spot market, ICE Future Europe, will be offline until at least February 7.