As per the IOL news, hackers stole million tonnes of carbon credits from the European Union Emission Trading Scheme (EU-ETS). Online auctioning for the carbon credits is not safe now. As a result 27 European States were shut down their national registries for a week. Reports further state that the volume of the credits comes around millions of Euros and stolen from Czek Republic.
Understanding the Carbon trading: Cap and trade system provide market based approach to trade the GHG emission reductions. In this context EU-ETS was launched by the European Union in 2005. First phase of scheme known as first trading period successfully completed on 2005-2007. Presently second trading period is going on. It was commenced on 2008 and will be completed till 2012. It creates an opportunity for the member countries to meet their emission reduction targets under the Kyoto Protocol.
There are three main forms of emission reduction units traded in the EU-ETS i.e. European Union Allowances (EUA), Emission Reduction Units (ERU) which is also known as JI unit and third one is Certified Emission Reduction (CER) generates from CDM projects. As per the emission reduction commitment which is 8% for the European Union, EU must have to reduce below of their 1990 level. To achieve this target EU allocate certain number (National Allocation Plan-NAP decides the number of allowances to be issued) of permits/allowances (right to emit) for the members. Market determines the price of the allowances through auctioning. All the procedures is supported by an electronic platform i.e. emission trading exchanges.
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