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Phishing of European Emission Allowances and Resulting Legal Implications journal article

Markus Appel, Anna Burghardt

Carbon & Climate Law Review, Volume 6 (2012), Issue 3, Page 228 - 245

In 2010/2011, the European Emission Trading System found itself subject to so-called phishing attacks during which millions of European greenhouse gas emission allowances were fraudulently obtained and subsequently resold. Since this scam, trading of affected emission allowances carries with it some legal uncertainty. The genuine market concern pertains to whether the purchaser of phished allowances has received good title or whether the original owner has competing claims against the purchaser enabling him to demand the unwinding of recorded transaction. In the context of these questions, German law on the transfer of title to emission allowances has gained prominence, inter alia, because German substantive law rules provide for the transferor’s acquisition of good title regardless of the transferee’s title. Indeed, the so-called buyer-friendly effects of German law attracted much attention, with some transferees contemplating to restrict their market activities to the German registry, i.e. by only acquiring emission allowances registered on German registry accounts or only receiving emission allowances to German registry accounts. Against this background, the authors provide an overview on the substantive German law decisive for the transfer of emission allowances. Additionally, this article will address the determination of the substantive law governing the transfer/ acquisition of phished allowances, which is a question of international private law, also known as conflicts-of-law. Lastly, a summary of the relevant aspects of new European regulation providing for good faith acquisition of full and valid title to emission allowances will be provided.


Approval of JI and CDM Projects with Germany as Host and Investor Country – An Analysis of the German Project Mechanisms Act journal article

Markus Appel

Carbon & Climate Law Review, Volume 1 (2007), Issue 2, Page 13

Over the past 30 years, global temperatures have risen continuously by around 0.2°C per decade; the ten warmest years on record have occurred since 1990.1 Since the discovery of this trend, there has been considerable debate over whether climate change can be attributed to human activities. Although arguments are made against human induced climate change,2 most scientists nowadays ascribe global warming to an increase in greenhouse gases (GHG) caused by human activities.3 To tackle global warming, the United Nations (UN) developed a global

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