First, there was ClimateGate – the scandal with hacked emails suggesting scientists have abused data for research on global warming. Now, another international climate scandal is emerging that may have an impact on the talks in Copenhagen.

Europes top police body Europol, the closest thing that European Union has to the American Fbi, has exposed a massive fraud with the unions official market in carbon credits, the Emission Trading System.

The fraud is costing tax payers in a handful of European countries more than five billion euro – 7 billion dollars – and raises doubts about the effectiveness of carbon trading as a measure to curb emissions.

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