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Emissions Trading: Difference between revisions
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===Introduction facts=== | ===Introduction facts=== | ||
As several newspapers, magazines and webpages reported criminals have found a lag in the European Union Emission Trading Scheme. They steal certificates of a value of more than a million Euros. In consequence of this the European Commission exposes temporary the European Union Emission Trading Scheme. | As several newspapers, magazines and webpages reported criminals have found a lag in the European Union Emission Trading Scheme. They steal certificates of a value of more than a million Euros. In consequence of this the European Commission exposes temporary the European Union Emission Trading Scheme. | ||
It happens because a group of computer hackers found a way to get access to the certificates of serial companies. The article on Spiegel Online describes that the group steal the certificates of a company in the Czech Republic and sell their certificates to other companies. This is an actual example, which happens in January 2011. <ref> | It happens because a group of computer hackers found a way to get access to the certificates of serial companies. The article on Spiegel Online describes that the group steal the certificates of a company in the Czech Republic and sell their certificates to other companies. This is an actual example, which happens in January 2011. <ref> ssu/Reuters. (2011, January 19). Sicherheitslücke: EU-Kommission stoppt Emissionshandel. Retrieved March 10, 2011, from http://www.spiegel.de/wirtschaft/soziales/0,1518,740462,00.html </ref> | ||
<ref> CO2 Zertifikate: Der Emissionshandel hat ein | <ref> Flauger, J., & Ludwig, T. (2011, January 20). CO2 Zertifikate: Der Emissionshandel hat ein Leck. Retrieved March 10, 2011, from http://www.handelsblatt.com/politik/international/der-emissionshandel-hat-ein-leck/3768642.html </ref> | ||
I think this actual example is a reason to have a lock on the thematic of this system and to find way out of it. | I think this actual example is a reason to have a lock on the thematic of this system and to find way out of it. | ||
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===The beginning of Emission Trading=== | ===The beginning of Emission Trading=== | ||
The birth of the idea of carbon credit currency came with the Kyoto Protocol. One target goal was the “stabilization of greenhouse gas concentration in the atmosphere at a love that would prevent dangerous anthropogenic interference with the climate system”. <ref | The birth of the idea of carbon credit currency came with the Kyoto Protocol. One target goal was the “stabilization of greenhouse gas concentration in the atmosphere at a love that would prevent dangerous anthropogenic interference with the climate system”. <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 208. </ref> | ||
One result of this was the “legally binding commitment for the reductions of four greenhouse gases” <ref | One result of this was the “legally binding commitment for the reductions of four greenhouse gases” <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 209. </ref> for all member countries. | ||
Another point important point which has been regulated in Kyoto was mechanisms like “Emissions Trading, the Clean Development Mechanism and Joint Implementation” <ref | Another point important point which has been regulated in Kyoto was mechanisms like “Emissions Trading, the Clean Development Mechanism and Joint Implementation” <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 209. </ref> | ||
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Much information about the emissions trading is available on the website of the Federal Environment Ministry. I found there some interesting information about the emissions Trading process in the European Union and the several periods which are necessary to establish the emissions trading in Europe. | Much information about the emissions trading is available on the website of the Federal Environment Ministry. I found there some interesting information about the emissions Trading process in the European Union and the several periods which are necessary to establish the emissions trading in Europe. | ||
“However, they do not specify who has to reduce how much. This creates a large degree of flexibility for achieving goals and an incentive to search for and implement the most cost-effective reduction. The permitted amount of emissions is reduced after or during each trading period. The first emissions trading period covered the years 2005 to 2007, the second period started in 2008 and continues until 2012. The third trading period begins in 2013; the provisions for this third period have by and large already been specified.” | “However, they do not specify who has to reduce how much. This creates a large degree of flexibility for achieving goals and an incentive to search for and implement the most cost-effective reduction. The permitted amount of emissions is reduced after or during each trading period. The first emissions trading period covered the years 2005 to 2007, the second period started in 2008 and continues until 2012. The third trading period begins in 2013; the provisions for this third period have by and large already been specified.” | ||
<ref> | <ref> Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. (2010, July). Emissions Trading: general Information. Retrieved March 10, 2011, from http://www.bmu.de/english/emissions_trading/general_information/doc/6940.php </ref> | ||
So we are at the moment in the second period and in two years will start the third period of the trading system with the next serious changes. | So we are at the moment in the second period and in two years will start the third period of the trading system with the next serious changes. | ||
“In Germany, the provisions of the National Allocation Plan are implemented through Allocation Acts. In the second trading period, the allowances are no longer allocated 100 percent free of charge; around 10 percent of allowances are auctioned.” <ref> | “In Germany, the provisions of the National Allocation Plan are implemented through Allocation Acts. In the second trading period, the allowances are no longer allocated 100 percent free of charge; around 10 percent of allowances are auctioned.” <ref> Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. (2010, July). Emissions Trading: general Information. Retrieved March 10, 2011, from http://www.bmu.de/english/emissions_trading/general_information/doc/6940.php </ref> | ||
So with the second trading period the government begins to auction the first percent of the emission allowances. But already 90 percent of the allowances are allocated free of charge to the companies. But with the start of the third period the European Union has to harmonize the different trading systems in the several member countries to get the same allocation rules in Europe. | So with the second trading period the government begins to auction the first percent of the emission allowances. But already 90 percent of the allowances are allocated free of charge to the companies. But with the start of the third period the European Union has to harmonize the different trading systems in the several member countries to get the same allocation rules in Europe. | ||
“From 2013 emissions trading will be more harmonised in Europe in order to secure uniform competitive conditions within the EU. To this end there will be an EU-wide cap and EU-wide uniform allocation rules. The majority of emission allowances will be auctioned rather than allocated free of charge. For a transitional period there will be free-of-charge allocation for industrial sectors facing tough international competition; this will be in line with stringent benchmarks. These will be based on the average of the EU-wide 10 percent best technologies in a sector.” <ref> | “From 2013 emissions trading will be more harmonised in Europe in order to secure uniform competitive conditions within the EU. To this end there will be an EU-wide cap and EU-wide uniform allocation rules. The majority of emission allowances will be auctioned rather than allocated free of charge. For a transitional period there will be free-of-charge allocation for industrial sectors facing tough international competition; this will be in line with stringent benchmarks. These will be based on the average of the EU-wide 10 percent best technologies in a sector.” <ref> Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. (2010, July). Emissions Trading: general Information. Retrieved March 10, 2011, from http://www.bmu.de/english/emissions_trading/general_information/doc/6940.php </ref> | ||
So the determining of the permissible amount of emissions is a very important, not without controversy, part of the system, because if there are too much permissible emissions in the market we don’t stop the climate change and if there are not enough permissible emissions we cannot sustain our industrial sectors because of the international competition with other industrial regions in the world. | So the determining of the permissible amount of emissions is a very important, not without controversy, part of the system, because if there are too much permissible emissions in the market we don’t stop the climate change and if there are not enough permissible emissions we cannot sustain our industrial sectors because of the international competition with other industrial regions in the world. | ||
===The participators of the system=== | ===The participators of the system=== | ||
“Operators of 1665 installations are currently taking part in emissions trading in Germany, in particular all large combustion plants (with more than 20 megawatts of thermal output) and large installations of the energy-intensive industry such as steelworks, refineries and cement works. From 2012 air traffic will also be included in emissions trading. Further areas and greenhouse gases will be incorporated from 2013.” <ref> | “Operators of 1665 installations are currently taking part in emissions trading in Germany, in particular all large combustion plants (with more than 20 megawatts of thermal output) and large installations of the energy-intensive industry such as steelworks, refineries and cement works. From 2012 air traffic will also be included in emissions trading. Further areas and greenhouse gases will be incorporated from 2013.” <ref> Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. (2010, July). Emissions Trading: general Information. Retrieved March 10, 2011, from http://www.bmu.de/english/emissions_trading/general_information/doc/6940.php </ref> | ||
It is a step by step involvement of the several emissions producers in the emission trading system. Each additional step should reduce the emission of greenhouse gases on the level which the European Union and Germany has committed in the Kyoto Protocol. | It is a step by step involvement of the several emissions producers in the emission trading system. Each additional step should reduce the emission of greenhouse gases on the level which the European Union and Germany has committed in the Kyoto Protocol. | ||
“In the second emissions trading period from 2008 to 2012, installation operators must cut greenhouse gas emissions by 57 million tonnes annually. Compared with the level of emissions released by installations covered by emissions trading in the first trading period 2005 to 2007, the amount allocated was reduced by more than 7 percent. In the second trading period further types of installations were included in emissions trading, primarily crackers in the chemicals industry, processing installations in the steel industry and installations producing soot.” <ref> | “In the second emissions trading period from 2008 to 2012, installation operators must cut greenhouse gas emissions by 57 million tonnes annually. Compared with the level of emissions released by installations covered by emissions trading in the first trading period 2005 to 2007, the amount allocated was reduced by more than 7 percent. In the second trading period further types of installations were included in emissions trading, primarily crackers in the chemicals industry, processing installations in the steel industry and installations producing soot.” <ref> Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. (2010, July). Emissions Trading: general Information. Retrieved March 10, 2011, from http://www.bmu.de/english/emissions_trading/general_information/doc/6940.php </ref> | ||
This is only the German perspective on the allowances because of the, at the moment, not harmonized system in the several member states of the EU. | This is only the German perspective on the allowances because of the, at the moment, not harmonized system in the several member states of the EU. | ||
===“Sale of surplus allowances or purchase of additional allowances”=== | ===“Sale of surplus allowances or purchase of additional allowances”=== | ||
“If a company achieves its required emission reductions through its own cost-effective CO2 reduction measures it can sell surplus allowances on the market. Alternatively, it can purchase allowances on the market if implementing its own reduction measures would be more expensive. Companies covered by emissions trading are obliged to register their emissions annually and to surrender the corresponding amount of allowances to the German Emissions Trading Authority (DEHSt).” <ref> | “If a company achieves its required emission reductions through its own cost-effective CO2 reduction measures it can sell surplus allowances on the market. Alternatively, it can purchase allowances on the market if implementing its own reduction measures would be more expensive. Companies covered by emissions trading are obliged to register their emissions annually and to surrender the corresponding amount of allowances to the German Emissions Trading Authority (DEHSt).” <ref> Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. (2010, July). Emissions Trading: general Information. Retrieved March 10, 2011, from http://www.bmu.de/english/emissions_trading/general_information/doc/6940.php </ref> | ||
On the one Hand should this be an incentive for companies to reduce the personal emissions more than other market participants so that they can sell their surplus allowances. But on the other hand is there the possibility that criminals find ways to take or steal the allowances and sell them on their own account. But we should not only see the disadvantages of the system, because it opens us also advantages and possibilities. | On the one Hand should this be an incentive for companies to reduce the personal emissions more than other market participants so that they can sell their surplus allowances. But on the other hand is there the possibility that criminals find ways to take or steal the allowances and sell them on their own account. But we should not only see the disadvantages of the system, because it opens us also advantages and possibilities. | ||
“Everyone benefits from emissions trading. It is an efficient and cost-effective instrument for avoiding greenhouse gas emissions and protecting our climate. With the revenues from emissions trading the German government has been able, since the start of 2008, to promote a wide range of climate protection measures - in industry, local authorities and for consumers.” <ref> | “Everyone benefits from emissions trading. It is an efficient and cost-effective instrument for avoiding greenhouse gas emissions and protecting our climate. With the revenues from emissions trading the German government has been able, since the start of 2008, to promote a wide range of climate protection measures - in industry, local authorities and for consumers.” <ref> Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. (2010, July). Emissions Trading: general Information. Retrieved March 10, 2011, from http://www.bmu.de/english/emissions_trading/general_information/doc/6940.php </ref> | ||
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The basic principle of carbon markets is that companies have a limited right to emit greenhouse gases in the atmosphere. The company can use these rights to emit itself or they sell their right and another company which has not enough emissions rights. At the consequence companies which have a very clean production can make additional money with the selling of their emissions rights. This is the central point where criminals see a way to make some money with the theft of emissions rights. | The basic principle of carbon markets is that companies have a limited right to emit greenhouse gases in the atmosphere. The company can use these rights to emit itself or they sell their right and another company which has not enough emissions rights. At the consequence companies which have a very clean production can make additional money with the selling of their emissions rights. This is the central point where criminals see a way to make some money with the theft of emissions rights. | ||
In the literature have carbon market the following definition in general: | In the literature have carbon market the following definition in general: | ||
„Carbon markets are primarily aimed at dealing with the problem of increasing concentrations of greenhouse gases in the atmosphere due to human activities. Carbon markets can also be attributed to technological and industry development, as well as a new area for employment growth.“ <ref | „Carbon markets are primarily aimed at dealing with the problem of increasing concentrations of greenhouse gases in the atmosphere due to human activities. Carbon markets can also be attributed to technological and industry development, as well as a new area for employment growth.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 209. </ref> | ||
To get an impression about the size of this market I will show some figures of the market: | To get an impression about the size of this market I will show some figures of the market: | ||
„The carbon market was valued at $1 billion in 2004 and reached $11 billion during 2005, with $8 billion from EUETS and $3 billion from primary CDM projects. The market reached $31 billion in 2006 and $64 billion in 2007, with $50 billion from EUETS, $7 billion from the primary CDM market, $5 billion from the secondary CDM market, and $2 billion from other markets. The market reached $120 billion in 2008, which is 120 times more than the 2004 figure of $1 billion.“ <ref | „The carbon market was valued at $1 billion in 2004 and reached $11 billion during 2005, with $8 billion from EUETS and $3 billion from primary CDM projects. The market reached $31 billion in 2006 and $64 billion in 2007, with $50 billion from EUETS, $7 billion from the primary CDM market, $5 billion from the secondary CDM market, and $2 billion from other markets. The market reached $120 billion in 2008, which is 120 times more than the 2004 figure of $1 billion.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 209. </ref> | ||
As we see has the market a volume of billions a dollars and it’s a lucrative field of activity for criminal groups. | As we see has the market a volume of billions a dollars and it’s a lucrative field of activity for criminal groups. | ||
To see some details about the basics of this market I will provide the following paragraph about the possibilities of Carbon credits and the emissions trading scheme. | To see some details about the basics of this market I will provide the following paragraph about the possibilities of Carbon credits and the emissions trading scheme. | ||
„Carbon credits are a key component of national and international emissions trading schemes. They provide a way to reduce greenhouse effect emissions on an industrial scale by capping total annual emissions and letting the market assign a monetary value to any shortfall through trading. Credits can be exchanged between businesses or bought and sold in international markets at the prevailing market price. Credits can be used to finance carbon reduction schemes between trading partners and around the world.“ <ref | „Carbon credits are a key component of national and international emissions trading schemes. They provide a way to reduce greenhouse effect emissions on an industrial scale by capping total annual emissions and letting the market assign a monetary value to any shortfall through trading. Credits can be exchanged between businesses or bought and sold in international markets at the prevailing market price. Credits can be used to finance carbon reduction schemes between trading partners and around the world.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 210. </ref> | ||
And actual is the emission trading scheme is one of the important instruments of the European Union to reduce the greenhouse gasses by 8 percent. As in arrange in the Kyoto Protocol. | And actual is the emission trading scheme is one of the important instruments of the European Union to reduce the greenhouse gasses by 8 percent. As in arrange in the Kyoto Protocol. | ||
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To show the distribution of the certificates from the governments to the companies I found the following paragraph in the book source: | To show the distribution of the certificates from the governments to the companies I found the following paragraph in the book source: | ||
„Operators of large energy production plants or energy-intensive industrial companies are assigned a predetermined number of emissions certificates by their governments. These initial certificates are free, and authorize the companies to emit a specific amount of CO2. If a company exceeds its allowance it must buy in additional certificates. When a company reduces its emissions, it can sell its excess certificates for profit. Companies face penalties when they do not acquire enough certificates to balance out the CO2 they have emitted.“ <ref | „Operators of large energy production plants or energy-intensive industrial companies are assigned a predetermined number of emissions certificates by their governments. These initial certificates are free, and authorize the companies to emit a specific amount of CO2. If a company exceeds its allowance it must buy in additional certificates. When a company reduces its emissions, it can sell its excess certificates for profit. Companies face penalties when they do not acquire enough certificates to balance out the CO2 they have emitted.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 210. </ref> | ||
The transition to the key issues is: | The transition to the key issues is: | ||
„Carbon credits are a key component of national and international emissions trading schemes. They provide a way to reduce greenhouse effect emissions on an industrial scale by capping total annual emissions and letting the market assign a monetary value to any shortfall through trading.“ <ref | „Carbon credits are a key component of national and international emissions trading schemes. They provide a way to reduce greenhouse effect emissions on an industrial scale by capping total annual emissions and letting the market assign a monetary value to any shortfall through trading.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 210. </ref> | ||
So it’s a key business for companies to reduce their greenhouse gas emissions and to sell their carbon credits to other companies witch need carbon credits because of their high polluting production or realized production extensions. | So it’s a key business for companies to reduce their greenhouse gas emissions and to sell their carbon credits to other companies witch need carbon credits because of their high polluting production or realized production extensions. | ||
===Emissions trading process=== | ===Emissions trading process=== | ||
So the result of this distribution of emission units to the companies is the trading of these units between the several countries and companies. It a complex process which do not make it more transparent for interested people and citizens. And that maybe a key problem. | So the result of this distribution of emission units to the companies is the trading of these units between the several countries and companies. It a complex process which do not make it more transparent for interested people and citizens. And that maybe a key problem. | ||
„Emissions trading (ET), as set out in Article 17 of the Kyoto Protocol, allows countries that have emission units to spare – emissions permitted them but not “used” – to sell this excess capacity to countries that are over their targets. It is an administrative approach used to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants. It is sometimes called “cap and trade”. A central authority (usually a government or international body) sets a limit or cap on the amount of a pollutant that can be emitted.“ <ref | „Emissions trading (ET), as set out in Article 17 of the Kyoto Protocol, allows countries that have emission units to spare – emissions permitted them but not “used” – to sell this excess capacity to countries that are over their targets. It is an administrative approach used to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants. It is sometimes called “cap and trade”. A central authority (usually a government or international body) sets a limit or cap on the amount of a pollutant that can be emitted.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 212. </ref> | ||
Allowance-Based Markets | Allowance-Based Markets | ||
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And the major market of the unit it’s the European Union, because much of the greenhouse gases of the world is produced in Europe. So it makes sense to implement it first in this region and make it so to the model region which help to adopt such a system to other regions in the other continent of the world. | And the major market of the unit it’s the European Union, because much of the greenhouse gases of the world is produced in Europe. So it makes sense to implement it first in this region and make it so to the model region which help to adopt such a system to other regions in the other continent of the world. | ||
„The European Union Greenhouse Gas Emission Trading System (EU ETS) is the major market for greenhouse gas (GHG) emission allowances, and is the engine, perhaps even the laboratory, of the global carbon market. Its major achievement is that it helps discover the price of emitting GHGs in Europe. Several exchanges transparently disclose prices at which allowances change hands: for example, the EU emission allowance (EUA) for December 2008 delivery has traded in the €20–25 price band since May 2007.“ <ref | „The European Union Greenhouse Gas Emission Trading System (EU ETS) is the major market for greenhouse gas (GHG) emission allowances, and is the engine, perhaps even the laboratory, of the global carbon market. Its major achievement is that it helps discover the price of emitting GHGs in Europe. Several exchanges transparently disclose prices at which allowances change hands: for example, the EU emission allowance (EUA) for December 2008 delivery has traded in the €20–25 price band since May 2007.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 213. </ref> | ||
The book also deliver figures about the value of this market for the year 2007 and 2008. | The book also deliver figures about the value of this market for the year 2007 and 2008. | ||
„The European emission trading market rise in terms of value during 2008 reached US$94,971.7 million; the 2007 figure was US$50,097 million.“ <ref | „The European emission trading market rise in terms of value during 2008 reached US$94,971.7 million; the 2007 figure was US$50,097 million.“ <ref> Singhal, N., & Gupta, H. (2011). Carbon Credit Currency for the Future. In W. Leal Filho, The Economic, Social and Political Elements of Climate Change. Berlin, Heidelberg: Springer-Verlag, p. 213. </ref> | ||
===Is emissions allowance market usefull?=== | ===Is emissions allowance market usefull?=== | ||
Many articles criticize the trade system in general, because of the many lags and immature elements. Especially criticize them some projects of the Clean Development Mechanism (CDM). Some of these projects don’t have proven benefits against the climate change. And so only some companies make money with the selling of the certificates but they do effectively nothing against the climate change. | Many articles criticize the trade system in general, because of the many lags and immature elements. Especially criticize them some projects of the Clean Development Mechanism (CDM). Some of these projects don’t have proven benefits against the climate change. And so only some companies make money with the selling of the certificates but they do effectively nothing against the climate change. | ||
<ref> | <ref> Dehmer, D. (2011, January 24). Emissionshandel: Schlechtes Geschäft fürs Klima. Retrieved March 10, 2011, from http://www.zeit.de/wirtschaft/2011-01/emissionshandel-co2 </ref> | ||
Further information | Further actual information are available on: http://www.cdm-watch.org/ | ||
===A possible problem solution=== | ===A possible problem solution=== | ||
I possible solution for this problem describe the author of an article in the German version of the Financial Times. His argument is that the key problems are the not compatible systems of the several member states in the European Union. As long as every country manages the emission certificates in his national system it is much easy to abuse the system for criminal activities. The elimination of this problem comes in 2013 when the trading system will be centralized in Brussels. But this is not fast enough to eliminate the problems now. <ref> Zentralisiert den Emissionsrechtehandel! http://www.ftd.de/politik/europa/:hackerangriff-zentralisiert-den-emissionsrechtehandel/50217507.html </ref> | I possible solution for this problem describe the author of an article in the German version of the Financial Times. His argument is that the key problems are the not compatible systems of the several member states in the European Union. As long as every country manages the emission certificates in his national system it is much easy to abuse the system for criminal activities. The elimination of this problem comes in 2013 when the trading system will be centralized in Brussels. But this is not fast enough to eliminate the problems now. <ref> Financial Times Deutschland. (2011, January 20). Hackerangriff: Zentralisiert den Emissionsrechtehandel! Retrieved March 10, 2011, from http://www.ftd.de/politik/europa/:hackerangriff-zentralisiert-den-emissionsrechtehandel/50217507.html </ref> | ||
===General criticism=== | ===General criticism=== | ||