2 Dec 2009, 2:21am
Latest Climate News
by admin

Denmark rife with CO2 fraud

DN News, 01 December 2009 [here]

Authorities in several countries investigate VAT tax fraud stemming from the Danish CO2 quota register

Denmark is the centre of a comprehensive tax scam involving CO2 quotas, in which the cheats exploit a so-called ‘VAT carrousel’, reports Ekstra Bladet newspaper.

Police and authorities in several European countries are investigating scams worth billions of kroner, which all originate in the Danish quota register. The CO2 quotas are traded in other EU countries.

Denmark’s quota register, which the Energy Agency within the Climate and Energy Ministry administers, is the largest in the world in terms of personal quota registrations. It is much easier to register here than in other countries, where it can take up to three months to be approved.

Ekstra Bladet reporters have found examples of people using false addresses and companies that are in liquidation, which haven’t been removed from the register.

One of the cases, which stems from the Danish register, involves fraud of more than 8 billion kroner. This case, in which nine people have been arrested, is being investigated in England.

The market for CO2 trade has exploded in recent years and is worth an estimated 675 billion kroner globally.

Ed note: At 5.65 kroner to the dollar, that’s $120 billion (an underestimate?) invested in sham, fiat, worthless carbon credits, a false comodity attractive to scam artists. That bubble is going to burst soon, Madoff-style, as all that money disappears in a poof.

Let’s hope it never becomes $trillions and “too big to fail”.

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