Carbon credits stolen!?!?!?

It seems surreal that carbon credits, seemingly abstract entities, could be stolen. Nonetheless, carbon crdits are worth money and as such, objects of theft.

REDD-monitor explains the theft.

REDD-monitor:

“The theft provides a glimpse into the mess that is carbon trading in Europe. Each country in the EU ETS has its own registry. The registries give a serial number to the carbon credits, allowing the buyer to know where the carbon credits come from and to make sure that that carbon credits have not already been sold to someone else (called double-counting). In Europe, there are 27 different registries, set up by 27 different development teams.

The carbon credits were probably stolen on 18 January 2011, around 11:00 a.m., when a bomb scare was phoned in to the Czech Republic’s carbon credit registry, OTE, and everyone left the building. By 12:00 am, the stolen carbon credits had been sold on to an account in the Estonian registry.”

Carbon credits allow the owner of the credits CO2 emissions in accord with the number of tonnes represented by the credits.

An explanation from Save The Planet:

“What emerged from the Kyoto meeting is that as each country produces CO2, it must be able to contain that CO2 by tree-planting or other processes that can absorb it, such as sequestration and changing farming methods. Or it can reduce the CO2 it produces in the first place. If that country produces more CO2 than it can absorb, it must purchase an ‘absorption ability’ from another nation. The Carbon Credit is this new currency and one Carbon Credit is equal to one Tonne of CO2 and is called a CO2e (CO2 equivalent). A nation might have a shortfall in absorbing 500,000T of CO2 and according to the Kyoto agreement it must seek to purchase those from another nation that has been planting trees for such a consideration. Costs are between US (ironically) $10 – 40 per credit.”

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