Union Registry implements functionality regarding international credit holding
- Start date : 17/07/2013 00:00:00
The upgrade of the Union Registry implementing the rules related to the holding of international credits on EU ETS accounts will be available from 08:00 CEST on Thursday 18 July.
This upgrade follows the formal adoption of the new registry Regulation in early May and implements the rules related to the holding of certain units on EU ETS accounts. It will notably allow account holders to distinguish international credits that are eligible in the EU ETS from those that are ineligible or require further steps to establish eligibility (i.e. pending).
Upon activation of the upgrade, international credits in EU ETS and EU Kyoto Protocol accounts will be marked as either eligible or pending/ineligible. Units marked as pending/ineligible include those for which further steps to establish eligibility are required. Units marked as pending/ineligible will not be able to be transferred to an EU ETS account.
Initially, some track 1 ERUs issued by a non-EU Party to the Kyoto Protocol will be marked as pending/ineligible as complete information regarding ERUs issued before 2013 is not publicly available. When this data is provided, the status of these credits will be updated in the Union Registry where appropriate. In order to allow further time for the provision of this data, the operation described in Article 58 (3) of the Registry Regulation, whereby pending or ineligible credits would be moved to a Kyoto Protocol account nominated by the account holder, will be delayed until autumn 2013. An update on the timing of this operation will be available on this website by 15 September 2013.
The functionality to exchange eligible international credits for allowances will become legally possible after Member States have submitted an international credit entitlement table.
Following approval by the Climate Change Committee on 10 July, the European Commission has submitted the draft Regulation on international credit entitlements to the European Parliament and the Council for their scrutiny. Provided that they raise no objections within three months, the Commission will adopt and publish the Regulation, after which it will directly enter into force. Member States will then have one month to notify to the Commission the international credit entitlement for each of their operators in accordance with the limits set in the Regulation.