Carbon trading to re-open slowly

THE European Union will reopen its emissions trading scheme step by step as security improves, after a possibly concerted theft by hackers of carbon permits worth up to €30m, EU officials said.

The EU yesterday imposed a week-long freeze on spot trade in its carbon market, the bloc’s chief weapon for fighting climate change, after emissions permits called EU allowances were stolen from accounts in the Czech Republic and Austria.

But a wholesale reopening by 26 January appeared in doubt after the Czech carbon registry said yesterday it would be closed indefinitely.