Hackers Steal Two Million Tons Of Carbon Credits

[n2doc]

A European Union source said on Thursday that hackers stole two million tons of polluting rights in a five-day raid this week on the EU's carbon emissions trading system, according to a Reuters report.

The volume of carbon credits stolen in the online action represents just a fraction of global industrial greenhouse gas permits, but is potentially worth many millions of dollars.

The scale of the theft was revealed a day after Brussels shut all 27 national trading registries for a week.

Credits stolen just from the Czech Republic alone were worth seven million euros ($9.4 million USD).

more

http://www.redorbit.com/news/science/1982552/hackers_steal_two_million_tons_of_carbon_credits/index.html

[Dogmudgeon]

1. They plan on throwing a MAJOR "420 Party"

Shh! Don't tell them agricultural carbon has a sequestration time of under one year!

--d!

[hughee99]

2. So people will assuage their guilt over using too much carbon

by buying stolen carbon credits.

[Odin2005]

3. Carbon Credits are the new Papal Insurgencies.

[lfairban]

4. Wow! I hadn't heard that.

What is the Pope rebelling against now?

[GliderGuider]

5. "Indulgences", right? n/t

[Odin2005]

6. OMG, firefox spellcheck FAIL!

:rofl:

Yes, I meant indulgences!

[pscot]

8. Guilt?

What is this guilt you speak of.

[Meeker Morgan]

7. Carbon credits are a corrupt bargain in the first place.

If you really really want to slow down carbon emission just a little, try taxing it directly. Enforcement wouldn't be perfect, but it wouldn't be the same farce of wealthy individuals and above all big corporations cynically buying their way out up front.

On what basis is it decided how many credits will be in circulation?

All sorts of political considerations, mostly geared toward suppressing less prosperous competitors of big business. Actually reducing carbon emissions is just a pretext, and not really implemented (modulo a few "Potemkin village" programs by the biggest emitters).