Cases / Conservation money
Emissions trading
2 cases in 3 countries, 2008–2008. Most cases: France (1), Germany (1), United Kingdom (1).
Emissions trading · European Union · 2008–2016
VAT carousel fraud in EU emissions allowance trading (2008–2010)
Traders bought emission allowances VAT-free in one EU member state, resold them with VAT added and disappeared without paying the tax. Europol put the lost revenue at about €5bn over roughly 18 months; courts in France, Germany and the United Kingdom later convicted traders and, in Germany, bank employees.
about €5bn
VAT revenue lost across the EU in about 18 months (Europol)
Emissions trading · Global · 2008–2016
Kyoto Protocol first commitment period (2008–2012): most of the overachievement was "hot air"
A 2016 peer-reviewed study in Climate Policy, as summarised by I4CE, found that all Annex B parties met their first-period targets and that the parties surpassed their aggregate commitment by an average 2.4 GtCO2e a year, of which "hot-air" was estimated at 2.2 GtCO2e a year.
About 2.4 GtCO2e a year, of which "hot-air" was estimated at 2.2 GtCO2e a year
Aggregate overachievement of first-period targets, of which "hot air"