The legal impact of the emissions trading fraud uncovered earlier this year is still being felt. According to Graham Stuart from Baker & McKenzie, firms are struggling in the aftermath of cyber attacks on the EU Emissions Trading Scheme.

Chairing a session at The Carbon Show in London today, he spoke about firms who innocently received stolen licences.

He said: “For many companies, the legal issues on this are still out there. It has very serious implications for the market.”

The organised scam cost EUR2billion in tax fraud and some estimates suggest EUR5billion in over the counter transactions although these are harder to trace.