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European Commission suspends European trading in carbon credits for a week

Trading on the European carbon credits market is suspended at least for a week on Wednesday because of recent security breaches that need to be addressed, press agencies reported.

“The European Commission will suspend transactions, except for allocation and surrender of allowances, in all EU ETS (Emissions Trading System) registries at least until 26 January 2011,” the Commission said in a statement. The suspension went into effect at 1800 GMT Wednesday.

“This transitional measure is taken in view of recurring security breaches in national registries over the last two months,” the statement said.

Hackers were able to break into the national registries of several EU members and steal the credits and then sell them on the spot market, according to the commission, news agencies reported.

The French news agency AFP said that Credits stolen from the Czech Republic were worth €7 million.

The commission said it would work with national authorities to determine what minimum security measures need to be put in place before the suspension of a registry can be lifted. (MTI – Econews)