CLIMATEGATE - Carbon Market Chaos Strikes Again

The Hungarian Government, the cheeky sods, figured out that if CERs were issued by the UN (and not the EU), they could use them to write off the obligations of some Hungarian companies, and then, apparently, sell them again, so others could use them to write off their obligations, too.

It’s like reselling a three-course meal after it’s been eaten.

When confronted, the Hungarian Government claimed the used CERs were only sold to non-European investors. (So that makes it alright then? Someone outside Europe wasted money?)

Except that, as things do in a “free” market, the used CERs turned up in the EU market anyway, and eventually someone noticed.'

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