The Great Carbon Trading Scandal
Professor Michael Wara is mentioned in the following Telegraph article on corrupt practices in the European Union's usage of carbon allowances. Rowena Mason reports:
Within a few clicks of a computer mouse, stolen goods worth €28m (£24m) had bounced from the Czech Republic to Poland, Estonia and Liechtenstein before disappearing.
Distracting local regulators with a fake bomb scare, thieves behind the heist had made off with 500,000 carbon allowances – intangible products worth around €14 each that are the European Union's main weapon against climate change.
Critics say this is awarding free money to Chinese and Indian developers straight from the utility bills of European consumers with no environmental gain. In fact, Michael Wara of Stanford University estimates it unnecessarily cost billpayers $6bn.