Multi-billion euro carbon-trading fraud trial opens in Paris

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carboncreditcertificateFrom France24.com H/T Alan Poirier.

The trial of 12 people accused of involvement in a multi-billion euro carbon-trading fraud opened in Paris on Monday, in a case that has been described by French authorities as “the heist of a century”.

Shady deals, offshore accounts, money laundering… The trial has all the hallmarks of a crime thriller and comes nearly seven years after French authorities cracked down on a carbon-trading scheme that cost the European Union €5 billion – including €1.6 billion in France – according to Europol.

The case dates back to October 2008, around the same time the European Commission introduced phase two of its EU emissions trading system (EU ETS), which was designed to combat climate change by reducing greenhouse gases.

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