Carbon market “growth” is mainly fraudulent, World Bank report shows
Oscar Reyes of carbon trade watch reports
The global carbon market grew in 2009. Far from signalling a success, this reflects a massive increase in fraud, the dumping of surplus emissions permits by industry, and a rise in financial speculation.
“Global Carbon Market Grows to $144 billion Despite Financial and Economic Turmoil” was the headline with which the World Bank (WB) announced its annual State and Trends of the Carbon Market 2010 survey. Readers of the report, however, will draw a less optimistic conclusion about the strength of the carbon market.