Registry to close twice in July for eligible carbon offsets selection
Access to the European Union Registry - the database holding accounts for installations in the EU Emissions Trading System (ETS) - will be suspended twice in July to allow an upgrade that will enable account holders to distinguish offsets credits eligible for compliance from non-eligible ones.
This will happen between 08:00 CEST on Wednesday 10 July and 08:00 CEST on 11 July, the European Commission said on Friday in a statement on its website.
The European Union Registry is an online database hosted and managed by the European Commission by which different types of carbon permits are held, traded and surrendered for compliance purposes.
"Once this new functionality has been activated, national administrators will notify account holders who hold units that are no longer eligible in the EU ETS," the Commission said.
Account holders will then have to transfer non-eligible units to a Kyoto Protocol account within 40 working days following the request by the national administrator, which otherwise will transfer them to a national Kyoto Protocol account.
Since the start of phase III of the ETS, quality restrictions apply to the use of offsets. For instance, emissions reduction units (ERUs) from projects located in countries without legally binding emission reduction commitments are eligible as long as they represent emission reductions verified as having taken place before 2013 (see EDCM 17 January 2013).
Similarly, from 2013 onwards, the EU ETS only will accept certified emission reductions (CERs) generated by clean development mechanism projects registered before the end of 2012, or located in least-developed countries, which are mostly based in Africa (see EDCM 17 October 2012).
Banking and swap
The closure will shortly follow another one in July as well.
As the Commission previously announced, in order to allow the replacement of allowances valid for phase II by new permits valid for phase III - the so-called banking process access to the registry will be suspended from 08:00 CEST on 1 July for a maximum of five consecutive working days until no later than Monday 8 July 08:00 CEST (see EDCM 30 April 2013).
The Commission also announced that a further upgrade will be carried out no earlier than October to introduce the functionality to swap eligible international credits for EU allowances, with more details to become available by September.
The Union registry covers all 31 countries participating in the EU ETS. Silvia Molteni
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