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A literature review of the vulnerabilities to fraud in the EU ETS and the CDM : how does the environmental context affect fraud in the market?

Bieger, Bibiane
Master thesis
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masterthesis.PDF (1.221Mb)
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http://hdl.handle.net/11250/2560504
Utgivelsesdato
2018
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  • Master Thesis [3748]
Sammendrag
The Kyoto Protocol uses financial incentives to reach the environmental goal of reducing

greenhouse gas emissions. This environmental context facilitates certain frauds, namely

scams, bribery and corruption and fraud through structural flaws.

This thesis investigates the vulnerabilities of fraud of the European Emission Trading

System (EU ETS) and Clean Development Mechanism (CDM). In particular, the purpose is

to examine current literature and cases to understand the effect of the environmental context

on fraud. Fraud is the outcome of deceitful intentions (Collins Dictionary of Law, 2006).

Based on the fraud cases and literature I found that the main factors facilitating fraud are the

complexity of measuring atmospheric gases, their intangibility and alienability, the flawed

assumption of perfect interchangeability of credits, the conflicting incentives in a financial

market with an environmental goal and the legal vagueness and information asymmetries

caused by the structure’s uncertainty.

Through the analysis of market players, I found that the incentives of numerous stakeholders

make regulating the market difficult. The problem is that good incentives may lead to

environmentally undesirable outcomes, while fraudulent incentives may not do so.

Through analysing the cases, the environment is found to be a central victim in scams,

bribery and corruption and fraud through structural weaknesses. This means that distant,

defenceless or unaware victims cannot sufficiently protect themselves against fraud due to

the environment’s non-excludability.

Through my findings, I found that most fraud cases that negatively affect the environmental

objectives are associated with the CDM, while the other cases were largely associated with

the EU ETS. This supports the idea of limiting the trade between the markets to limit fraud.

Instead of replacing the system, I recommend that the know-how should be used to improve

the current system, for example by excluding projects with questionable environmental

benefits like carbon sinks (Martin & Walters, 2013).

A limitation is that malicious fraudulent behaviour and good intentions with unexpected

results were not always possible to distinguish.

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