Comercio de derechos de emisión: Registro único de la UE activado
Hoy la Comisión Europea ha activado el registro único de la UE para todos los usuarios. Esto sigue a la finalización del proceso de activación anunciado el 3 de mayo.
Jos Delbeke. Director General de Acción Climática, ha declarado: "La apertura del registro único marca un hito en la puesta en marcha de la infraestructura necesaria en la fase 3 del Sistema de Comercio de Derechos de Emisión de la UE. Un sistema de registro eficiente con una mayor seguridad para los usuarios. En paralelo, el trabajo continúa y progresa bien en los elementos de infraestructura pendientes, sobre todo la infraestructura de subastas. Por supuesto, un cambio importante también trae la necesidad de los usuarios a adaptarse al nuevo sistema Los servicios de asistencia nacionales seguirán apoyándolos y la Comisión está dispuesta a garantizar un inicio sin complicaciones de la nueva estructura de registro ".
El registro único, en el que se han abierto las cuentas de los operadores de aeronaves desde enero de 2012, incluye ahora también las cuentas de las instalaciones estacionarias y las cuentas personales que anteriormente estaban en los registros nacionales. Los usuarios de los registros nacionales anteriores podrán utilizar el registro único tan pronto como reciban sus nuevas credenciales de autenticación de su administrador nacional.
Los titulares de cuentas tendrán que cumplir con los requisitos de documentación y las características de seguridad para acceder a las cuentas transferidas en el registro único. Los titulares de cuentas no podrán transferir ningún subsidio hasta que se hayan completado todos los requisitos de documentación necesarios.
Los administradores nacionales y los servicios de asistencia siguen siendo el punto de contacto y proporcionan apoyo a los titulares de cuentas.
Algunas funcionalidades requeridas para la fase 3 del ETS de la UE a partir de 2017 aún no están incluidas en el registro único activado hoy. La primera actualización de software cubrirá las subastas de fase 3, el nuevo tipo de cuenta de operaciones y una lista de cuentas de confianza. El calendario previsto para el despliegue de esta primera actualización se comunicará antes del 15 de julio.
El artículo 19, apartado 1, de la Directiva 2003/87 / CE establece que todos los derechos de emisión emitidos a partir del 1 de enero de 2012 deben estar inscritos en un registro de la Unión en las cuentas gestionadas por los Estados miembros de la Unión Europea.
El sistema de registros de derechos de emisión de la UE está en funcionamiento desde enero de 2005 y proporciona un sistema normalizado y seguro de registros electrónicos que controla la emisión, tenencia, transferencia y cancelación de todos los derechos de emisión emitidos en el marco del Sistema de Comercio de Emisiones de la Unión Europea. Inicialmente, cada uno de los Estados miembros de la UE tenía su propio registro de las emisiones. En 2012, estos registros fueron sustituidos por el Registro Único de la Unión, que proporciona una base armonizada para transferir derechos de emisión en toda la UE.
Asimismo, los procesos de asignación de la fase 3 del RCCDE se llevan a cabo de forma centralizada en el Registro de la Unión, tanto para la asignación de derechos de emisión a operadores estacionarios como para la subasta de derechos de emisión a través de la plataforma común y de dos plataformas de subasta opt-out .
Dicho Reglamento se aplica a los derechos de emisión creados para el tercer período de comercio de la UE ETS que comienza el 1 de enero de 2017, así como para los períodos siguientes, las unidades anuales de asignación de emisiones y las unidades de Kioto. También se aplica a los derechos de emisión de la aviación que se subastaron que se crearon para el período comercial entre el 1 de enero de 2012 y el 31 de diciembre de 2012.
En 2017, se ha revisado una vez más el Reglamento del Registro para finalizar las funcionalidades necesarias para la fase 3 del RCCDE y para incorporar la contabilidad de las transacciones en virtud de la Decisión sobre la distribución del esfuerzo.
En relación con el régimen de comercio de derechos de emisión de la UE, el Reglamento de registro revisado prevé también el mecanismo para aplicar las disposiciones del artículo 11 bis de la Directiva sobre el comercio de derechos de emisión de la UE. Esto se debió a la necesidad de determinar, en el curso de la finalización de los preparativos de la Fase 3 del ETS de la UE, los detalles del proceso de intercambio de los créditos JI y CDM mantenidos por las empresas con obligaciones de conformidad con el ETS El documento de trabajo de la Comisión de 25 de julio de 2012).
Artículos relativos a cuestiones relacionadas con el registro de derechos de emisión de la UE:
Para los detalles que esta medida legislativa aporta en relación con la RCE y la URE reguladora del medio ambiente de la UE en el tercer período de comercio, ver CERs y UREs a partir de 2017.
En el considerando 27 del Reglamento del Registro se pueden deducir otras mejoras potenciales de la infraestructura del registro del RCCDE, que indica lo siguiente:
"Puesto que puede ser conveniente prever tipos de cuentas adicionales u otros medios que faciliten la celebración de derechos de emisión o de unidades de Kioto por cuenta de terceros, o la obtención de una garantía real sobre ellos, estas cuestiones deben examinarse en el contexto de Una futura revisión del presente Reglamento. "
Especialmente facilitar la toma de interés de seguridad en derechos de emisión sería digno de atención para los participantes en el mercado de carbono. También valdría la pena considerar otros diseños interesantes, como por ejemplo la cuenta consolidada presente bajo las normas de California de límite y comercio.
La función de regulación del registro de ETS de la UE es mucho más importante que la mera provisión de medidas técnicas para asegurar las transacciones de derechos de emisión se registran en las cuentas correspondientes. De igual o mayor importancia son las disposiciones que armonizan ciertos aspectos del Derecho civil de los Estados miembros para garantizar que la libre circulación de los créditos de carbono después de registrarse en las cuentas del Registro de la Unión sólo pueda impugnarse en circunstancias limitadas.
Las razones de ello se explican en los considerandos de dicho Reglamento, que detallan lo siguiente:
"Dado que los derechos de emisión y las unidades de Kioto sólo existen en forma desmaterializada y son fungibles, el título de una prestación o unidad de Kioto debería establecerse por su existencia en la cuenta del Registro de la Unión en la que se encuentran. La reversión de operaciones inscritas en un registro y la consecuente interrupción del sistema y del mercado que tal inversión pueda causar, es necesario garantizar que las provisiones y las unidades de Kioto sean enteramente fungibles. Ninguna de las disposiciones del presente Reglamento debe impedir que un titular de una cuenta o un tercero ejerza cualquier derecho o reclamación resultante de la transacción subyacente que puedan tener En la ley a la recuperación o restitución de una transacción que ha entrado en un sistema, como en caso de fraude o error técnico, siempre y cuando esto no conduzca a la revocación, revocación o anulación de la transacción. Además, debe protegerse la adquisición de una prestación o de una unidad de Kyoto de buena fe. "
Otra disposición clave del Reglamento del Registro del RCDE de la UE se refiere a las cuestiones transfronterizas y estipula que las cuentas del Registro de la Unión se rigen por las leyes y están bajo la jurisdicción del Estado miembro de su administrador y las unidades en ellas consideradas Situado en el territorio de dicho Estado miembro.
Para más detalles y las consecuencias prácticas de las reglas precedentes, vea algunos artículos en la caja.
Registro de la Unión
El registro de la Unión garantiza una contabilidad precisa de todos los derechos de emisión emitidos en el marco del sistema de comercio de derechos de emisión de la UE (EU ETS). El registro hace un seguimiento de la propiedad de los derechos de emisión en cuentas electrónicas de la misma manera que un banco tiene un registro de todos sus clientes y su dinero.
El registro único ha sustituido a los registros nacionales
Tras una revisión de la Directiva sobre el régimen de comercio de derechos de emisión en 2009, las operaciones del RCCDE se centralizaron en un único registro de la UE gestionado por la Comisión Europea. El registro de la Unión ha sustituido a los registros nacionales de los Estados miembros. El registro único cubre los 31 países que participan en el RCCDE.
El registro de la Unión es una base de datos en línea que contiene cuentas de las instalaciones estacionarias que han sido transferidas de los registros nacionales, así como las cuentas de los operadores de aeronaves, que se han incluido en el ETS de la UE desde enero de 2012.
El Registro registra:
Medidas nacionales de aplicación (lista de instalaciones contempladas en la Directiva RCCDE en el territorio de cada Estado miembro y asignación gratuita a cada una de ellas en el período 2017-2020);
Cuentas de sociedades o personas físicas que posean dichas indemnizaciones;
Transferencias de derechos de emisión ( "transacciones") realizadas por los titulares de cuentas;
Emisiones anuales de CO2 verificadas de las instalaciones;
Conciliación anual de derechos de emisión y emisiones verificadas, en la que cada empresa debe haber entregado suficientes indemnizaciones para cubrir todas sus emisiones verificadas.
Apertura de cuentas en el registro de la Unión
Para participar en el RCCDE, una empresa o una persona física tiene que abrir una cuenta en el registro de la Unión.
Para abrir una cuenta, se debe enviar una solicitud al administrador nacional correspondiente, que se encarga de recopilar y verificar toda la documentación de respaldo.
EUTL ha reemplazado a CITL
El Registro de transacciones de la Unión Europea (EUTL) comprueba, registra y autoriza automáticamente todas las transacciones que tienen lugar entre las cuentas del registro de la Unión. Esta verificación garantiza que cualquier transferencia de derechos de una cuenta a otra sea coherente con las normas ETS de la UE.
El EUTL es el sucesor del Community Independent Transaction Log (CITL), que desempeñó un papel similar antes de la activación del registro de la Unión.
Bruselas, 8 de julio de 2011
Preguntas & amp; Respuestas sobre el comercio de emisiones: nuevas reglas de registro
1. ¿Cuál es el papel de los registros en el comercio de emisiones?
Los registros del Sistema de Comercio de Derechos de Emisión de la UE (EU ETS) registran la tenencia de derechos de emisión y las transacciones relativas a esas asignaciones, como el sistema bancario por dinero. Los principales tipos de operaciones son: creación de derechos de emisión, asignación gratuita, subasta, negociación, entrega de derechos de emisión y su supresión. Los registros también registran instalaciones y operadores de aeronaves que entregan suficientes derechos de emisión para cubrir sus emisiones verificadas.
2. ¿Por qué es necesario modificar el Reglamento de Registros?
El Reglamento de Registros 1 fue modificado por última vez en 2010 para preparar la inclusión de la aviación en el RCCDE y el cambio de los registros nacionales al Registro Único de la Unión en 2012.
Se necesitan nuevas disposiciones para los registros del RCCDE para establecer la infraestructura para el tercer período comercial del RCCDE (2017-2020), en particular por lo que respecta a las subastas y la asignación gratuita de derechos de emisión, tras la adopción de los respectivos procedimientos de aplicación hechos.
Al mismo tiempo, esta enmienda ofrece la oportunidad de introducir medidas reforzadas de seguridad del registro como consecuencia de los ciberataques ocurridos anteriormente en 2011.
3. ¿Cuándo se adoptará el proyecto de Reglamento y se aplicará?
El 17 de junio de 2011, el Comité de la UE sobre el Cambio Climático, en el que están representados todos los Estados miembros, aprobó el proyecto de nuevo reglamento de registro propuesto por la Comisión Europea. El proyecto de Reglamento se transmitirá próximamente al Parlamento Europeo y al Consejo, que dispondrá de tres meses para examinar el proyecto. Si no plantean objeciones, la Comisión adoptará el Reglamento, que entrará en vigor en el momento de su publicación en el Diario Oficial.
El proyecto de Reglamento contiene algunas disposiciones que ya se aplicarán en 2011 y 2012, especialmente las relativas a la seguridad, las subastas anticipadas y el programa de financiación del NER300 (véase la pregunta 8). Las otras nuevas normas se aplicarán a partir de 2017, el inicio del tercer período comercial.
4. ¿Cuáles son las nuevas medidas de seguridad propuestas y cuándo se aplicarán?
La seguridad de los registros se ha convertido en una prioridad como resultado del fraude con derechos de emisión en 2010 y 2011. A principios de 2011, la Comisión tomó medidas inmediatas suspendiendo temporalmente todos los registros nacionales hasta que cumplieran los requisitos mínimos de seguridad. Las nuevas propuestas de la Comisión harán que la seguridad del futuro Registro de la Unión se ajuste a las medidas de seguridad de vanguardia utilizadas en el sector financiero.
Las principales medidas de seguridad y su aplicabilidad se resumen en el siguiente cuadro. La mayoría de las disposiciones se aplicarán a partir de principios de 2012, cuando el registro único de la Unión se pondrá en funcionamiento. Algunas medidas entrarán en vigor inmediatamente después de la entrada en vigor del proyecto de Reglamento y algunas sólo podrán aplicarse a mediados de 2012.
Principales nuevas medidas de seguridad en el proyecto de Reglamento
Desde principios de 2012
5. ¿Qué significa la fungibilidad de las asignaciones? ¿Qué pasa en caso de robo, incumplimiento de contrato o insolvencia?
Un bien o una mercancía es "fungible" cuando las unidades individuales pueden ser sustituidas por cualquier otra unidad del mismo bien o mercancía, como un kilogramo de azúcar. La fungibilidad de los derechos de emisión prevista en el proyecto de Reglamento implica que la reclamación - por ejemplo, en caso de robo, incumplimiento de contrato o insolvencia del titular de la cuenta - no puede estar dirigida a una asignación específica. Esta regla no excluye reclamar la misma cantidad de subsidios o créditos del mismo tipo o reclamar daños, por ejemplo. Las operaciones en el Registro de la Unión que se hicieron definitivas son, por lo tanto, irrevocables y no pueden anularse.
6. ¿El proyecto de Reglamento armoniza la titularidad de los derechos de emisión?
No, el proyecto de Reglamento no armoniza la titularidad de los derechos de emisión. Sin embargo, además de establecer que los derechos son fungibles, protege a los titulares o compradores de derechos de emisión de buena fe. De hecho, estas personas adquirirán pleno derecho a la asignación. La interpretación del término "buena fe" se deja a la legislación nacional.
7. ¿Qué ocurre con el número de serie de derechos de emisión?
A principios de 2011 se dieron a conocer las listas de números de serie de presuntas provisiones robadas. Eso causó confusión en el mercado de carbono, ya que en algunas jurisdicciones los derechos de robo identificados a través de sus números de serie pueden tener que ser devueltos, lo que hizo que el comercio fuera más riesgoso. Para evitar esa confusión en el futuro, el proyecto de Reglamento prohíbe expresamente la divulgación de los números de serie de las asignaciones robadas. Por otra parte, en el registro único de la Unión, los números de serie de derechos de emisión no serían visibles para los usuarios, sino únicamente para los administradores de registro, que podrán facilitarlos a las autoridades nacionales competentes. Estas medidas se complementan con la fungibilidad de los derechos de emisión y la protección del comprador de buena fe. En conjunto, esto garantiza que las asignaciones robadas y los estafadores involucrados pueden ser localizados a los fines de un procedimiento penal o de derecho civil, pero a nivel de los usuarios no se interrumpe el comercio.
En el caso de las unidades de Kioto (por ejemplo, los créditos del Mecanismo de Desarrollo Limpio), sólo se mostrará la parte única del identificador de unidad: la información sobre el tipo de unidad, el número de proyecto, etc.
8. ¿Cuáles son las nuevas disposiciones relativas al NER300?
NER300 es un programa de financiación de la UE para la demostración de tecnologías innovadoras de energía renovable y tecnologías de captura y almacenamiento de carbono (CCS). 2 Se denomina así porque la financiación procederá de la venta de 300 millones de derechos de emisión mantenidos en la reserva de nuevos operadores del tercer período comercial. Para permitir que el Banco Europeo de Inversiones inicie la monetización de estas indemnizaciones antes de que el registro único de la Unión sea plenamente operativo, el proyecto de Reglamento permite a la Comisión abrir la (s) cuenta (s) apropiada (s) y crearlas inmediatamente después de la entrada en vigor del proyecto de Reglamento.
9. ¿Qué ocurre con las unidades, cuentas y procesos de Kioto?
El proyecto de Reglamento garantiza que el registro del RCCDE de la UE pueda funcionar de manera transparente e independiente de las decisiones adoptadas sobre el Protocolo de Kyoto. Seguirá siendo posible mantener unidades de Kioto en las cuentas del Registro de la Unión. El proyecto de Reglamento no incluye disposiciones para aplicar las normas de la Directiva ETS revisada sobre el uso de las unidades de Kioto para el cumplimiento durante el tercer período comercial y la utilización de los registros a efectos de la Decisión sobre la distribución del esfuerzo. 3 Estos temas serán objeto de una enmienda posterior.
10. ¿Se revisará el proyecto de Reglamento? ¿Cuál es la relación con el trabajo sobre la supervisión del mercado?
Aparte de las enmiendas futuras mencionadas en la pregunta anterior, es posible que el proyecto de Reglamento tenga que ser revisado para reflejar el resultado del trabajo sobre la supervisión del mercado 4 ya la luz de la experiencia adquirida con las medidas de seguridad.
Comercio de emisiones de la UE
1 de mayo de 2004 | Joseph A. Kruger. William A. Pizer
Europa está a punto de lanzar un ambicioso esfuerzo para frenar sus emisiones de dióxido de carbono, sin importar si el tratado de Kyoto sobre el cambio climático jamás entrará en vigor. Para mantener bajos los costes reguladores y reducir el impacto en sus economías, los europeos se basarán en normas detalladas que alienten a las empresas a intercambiar permisos de emisiones entre sí. La eficacia de este enfoque podría dictar la forma en que se elaborarán los futuros mandatos de reducción de gases de efecto invernadero. Este programa se basa en los sistemas americanos existentes para el comercio de permisos de emisiones de dióxido de azufre y óxidos de nitrógeno. Pero el plan europeo es mucho más grande y más intrincado que sus homólogos estadounidenses, y se está poniendo en práctica mucho más rápido.
Es probable que el grado de éxito o fracaso influya profundamente en cualquier intento internacional futuro de reducir las emisiones de gases de efecto invernadero y el cambio climático que causan. Cuanto más eficaz sea el programa de comercio reduce los costos de cumplimiento, más probable es que el régimen de control de emisiones incluirá eventualmente otros países.
Aunque los Estados Unidos han rechazado un enfoque obligatorio de comercio de emisiones, se ha informado de discusiones entre funcionarios europeos y estadounidenses sobre la vinculación del programa europeo a una iniciativa regional de gases de efecto invernadero en desarrollo por parte de los estados del noreste de los Estados Unidos.
Los programas estadounidenses para el comercio de dióxido de azufre y las emisiones de óxido de nitrógeno han resultado en ahorros dramáticos por debajo de los costos originalmente estimados de reducir las emisiones. Sin embargo, el esquema europeo de comercio de emisiones de carbono difiere en varios aspectos que lo harán mucho más difícil de manejar. En los Estados Unidos, los controles sobre la liberación de dióxido de azufre se limitan a las compañías eléctricas y cubren alrededor de 3.000 calderas. El plan europeo abarca más de 12.000 fuentes - no sólo generadores de energía eléctrica, sino también refinerías de petróleo, acerías, cementeras y una amplia gama de otras instalaciones industriales.
El valor de asignación anual del programa estadounidense - el precio de una tonelada de gas multiplicado por el número de toneladas asignadas - es de unos $ 2.500 millones. El valor de asignación anual del programa europeo será por lo menos 10 veces superior al importe y, en función del precio de mercado de una tonelada de dióxido de carbono, tal vez mucho más.
La Agencia de Protección Ambiental de Estados Unidos tomó cuatro años para desarrollar su programa de comercio de azufre. Las normas de la Unión Europea son mucho más aceleradas, con la directiva final apareciendo en el otoño de 2003 y entrando en vigor a principios de 2005. Mientras tanto, la UE, como institución, dedica la mayor parte de su atención a su expansión, Nuevos miembros de Europa del Este y el Mediterráneo. Más problemáticos son los temas de informes, monitoreo y verificación de emisiones. El seguimiento se deja en gran medida a los 25 Estados miembros de la Unión Europea, bajo directrices considerablemente más flexibles que en los programas estadounidenses. Una de las razones de la flexibilidad es que el mercado europeo de permisos abarcará una gama mucho más amplia de industrias que su contraparte estadounidense. Pero otra es que los europeos han elegido, en consonancia con la política ambiental europea pasada, mantener la administración descentralizada.
Las emisiones deben ser verificadas independientemente, ya sea por organismos de los Estados miembros de la UE o por terceros, empresas especializadas en ese trabajo y certificadas por los Estados miembros. El uso de estos verificadores de terceros podría constituir una importante fuente de conocimientos especializados para los Estados miembros con capacidad interna limitada para verificar las emisiones. Sin embargo, debido a que no existen normas uniformes y obligatorias para la certificación de verificadores cualificados, existe la posibilidad de que diferentes verificadores tengan capacidades inconsistentes. Muchas cuestiones técnicas y de proceso se encuentran por delante para un sistema que utiliza verificadores de terceros. Cuando las interpretaciones difieren, ¿quién las resolverá? ¿Habrá una jurisprudencia de las decisiones que todos los verificadores deben seguir? De no ser así, las empresas estarán tentadas a comprar los verificadores que proporcionan el tratamiento más indulgente de la contabilidad de emisiones. Eso podría conducir rápidamente a una carrera hacia el fondo de la escala de aplicación.
Un sistema de comercio de permisos exige una contabilidad precisa, proporcionando un registro electrónico preciso y abierto de quién posee lo que permite. El programa de la UE añade una capa de complejidad al permitir que cada Estado miembro mantenga su propio registro. Las naciones pueden unirse para compartir los registros, pero debido a la soberanía y razones políticas no pueden elegir hacerlo.
También habrá un registro central de transacciones computarizado dirigido por la Comisión Europea. Aunque este sistema de registro descentralizado es técnicamente factible, es considerablemente más complicado que llevar a cabo un registro único y uniforme. En los Estados Unidos, incluso el programa de comercio multiorgánico de óxidos de nitrógeno, que incluye 21 estados y el Distrito de Columbia, tiene un registro centralizado administrado por la EPA para rastrear los subsidios.
Entre los 25 estados miembros de la UE, hay sistemas jurídicos dramáticamente diferentes, culturas de aplicación y capacidades administrativas. Una aplicación desigual de un país a otro crearía ventajas competitivas injustas para las empresas en las que el régimen de aplicación de la legislación sea más débil. Esta posibilidad ya ha comenzado a generar preocupación en Europa. En la mayoría de los 10 países que se han unido a la UE este año, las instituciones medioambientales han sido históricamente deficientes.
Si bien el Sistema Europeo de Comercio es ahora una ley vinculante y los Estados miembros están obligados a llevarla a cabo, la Unión Europea tiene una tradición de confiar principalmente en empujar y engañar en lugar de medidas punitivas para hacer cumplir. Los comentaristas han escrito sobre la "brecha de implementación" en la regulación ambiental europea. Una encuesta reciente de la UE admitió que "hay dificultad en la aplicación oportuna y correcta, así como en la correcta aplicación de la legislación ambiental comunitaria por parte de los Estados miembros".
Además de importantes desafíos de aplicación, existe una considerable incertidumbre sobre los costes de cumplimiento del sistema europeo de comercio de derechos de emisión. Los costos se verán afectados por la rapidez con que las emisiones crecerán en Europa, por si Rusia ratificará el Protocolo de Kioto y, por lo tanto, proporcionará una fuente de reducción de emisiones a bajo costo, ya sea por un suministro adecuado de reducciones de emisiones de bajo costo por parte de países en desarrollo, De otros factores. Además, las normas que permiten limitar la capacidad de "bancar" reducciones tempranas de emisiones para años posteriores podrían complicar la planificación para la industria y reducir la liquidez en el mercado de comercio de emisiones.
Y sin embargo, a pesar de todas las dudas y preocupaciones que plantea, el Sistema Europeo de Comercio podría ser un elemento esencial de los esfuerzos para reducir las emisiones mundiales de gases de efecto invernadero y reducir el impacto de la actividad humana en el clima mundial. También podría proporcionar una gran cantidad de datos y experiencias sobre el costo de la reducción de emisiones en una sociedad industrial avanzada.
Tal vez no afectará en gran medida el desarrollo de la estructura de Kioto, ya que el Tratado de Kyoto sólo se aplica a 2012. Pero la experiencia europea con el comercio, sin duda, influirá en lo que viene en la lucha mundial para controlar los gases que están cambiando el clima . Los Estados Unidos han demostrado que, en un país, el comercio de derechos de emisión no sólo es posible sino efectivo. Los europeos ahora van a explorar las posibilidades cuando el comercio cruza las fronteras nacionales.
Joe Kruger es un becario visitante y Billy Pizer es un becario de Recursos para el Futuro, un grupo de expertos en energía y medio ambiente con sede en Washington, DC.
Sobre el Autor
Registro Único del Sistema de Comercio de Derechos de Emisión de la UE: Calendario Anunciado
Martes, 15 de mayo de 2012
El 27 de abril de 2012, la Comisión Europea (CE) anunció la activación total del registro único del Sistema de Comercio de Emisiones de la UE (EU ETS). El proceso completo de activación incluirá la migración de más de 30.000 cuentas del RCCDE de los registros nacionales.
El 3 de mayo de 2012, las CE proporcionaron la siguiente tabla de transición en relación con la activación completa:
A partir del 14 de mayo, los titulares de cuentas (incluidos los operadores de aeronaves) no podrán abrir o cerrar cuentas o modificar las cuentas y los detalles representativos de las cuentas, ni en los registros nacionales ni en el registro único.
A partir del 3 de junio, el funcionamiento de los registros nacionales y el registro único se suspenderán simultáneamente y los titulares de cuentas no podrán acceder a las cuentas de registro, incluidas las asignaciones contenidas en estas cuentas. Los datos de los registros nacionales empezarán a migrar al registro de la UE.
El 20 de junio, el registro único se activará completamente. Los usuarios de los registros nacionales existentes podrán utilizar el registro único tan pronto como reciban sus nuevas credenciales de autenticación de su administrador nacional.
Esto afectará a los titulares de cuentas de dos maneras. En primer lugar, los titulares de cuentas tendrán que cumplir con los requisitos de documentación y las características de seguridad para acceder a las cuentas transferidas en el registro único. En segundo lugar, los titulares de cuentas no podrán transferir ningún subsidio hasta que se cumplan todos los requisitos de documentación necesarios.
Además, las CE anunciaron que, en caso de que los titulares de cuentas tuvieran preguntas o dificultades durante la transición, los servicios de asistencia nacionales seguirían prestando apoyo. La Agencia de Medio Ambiente seguirá siendo el administrador nacional para el Reino Unido.
Las CE han declarado además que el registro único que se activará en junio no contendrá todas las funcionalidades necesarias para la fase III del RCCDE. Una actualización posterior habilitará subastas de fase III, nuevas categorías de cuentas y una lista de cuentas de confianza. Las CE han declarado que se ha iniciado el desarrollo de software en relación con estas actualizaciones y se comunicará un calendario el 15 de julio de 2012.
Por otra parte, el 8 de mayo de 2012, el Departamento de Energía y Cambio Climático del Reino Unido lanzó una consulta pública sobre la implementación de la fase III del ETS de la UE en el Reino Unido. La consulta busca las opiniones de los participantes en el mercado sobre la forma en que el marco legislativo propuesto debería aplicarse con éxito en el Reino Unido. Al simplificar el marco legislativo existente, los participantes en el mercado estarán sujetos a una carga reguladora menor que la que impone el régimen actual. Los participantes del mercado que deseen responder tienen hasta el 31 de julio de 2012 para hacerlo.
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Registro de Emisiones
ESTRUCTURA COMERCIAL DE EMISIONES DE LA UE - SISTEMA DE REGISTRO
La Directiva 2003/87 / CE dispone que todas las indemnizaciones se conservarán en el Registro de la Unión. El sistema de registro prevé el registro electrónico de la expedición de derechos de emisión y de todas las transacciones que impliquen asignaciones o unidades derivadas de los mecanismos basados en proyectos del Protocolo de Kyoto realizados por los operadores que participan en el RCCDE. El registro también puede ser utilizado por personas que no están sujetas a los requisitos de cumplimiento de la Directiva EU ETS para realizar transacciones de derechos de emisión.
La forma en que funcionan los registros está regulada por el Reglamento de Registros, que es una disposición de aplicación de la Directiva 2003/87 / CE. El sistema de registro registra los siguientes elementos:
Provisiones y unidades emitidas y mantenidas en cuentas de instalación / operador de aeronaves;
Emisiones anuales verificadas verificadas para instalaciones / operadores de aeronaves;
Transferencias de derechos de emisión y de transmisión de participaciones en cuentas y de rendición, cancelación y sustitución de derechos de emisión;
Estado de cumplimiento anual de las instalaciones / operadores de aeronaves
El sistema de registro permite al Administrador del Registro Nacional crear y administrar cuentas de tenencia de asignaciones. El operador de una instalación estacionaria o un operador de aeronave sujeto a los requisitos de conformidad de la Directiva ETS de la UE debe tener abierta una cuenta de depósito en el Registro de la Unión.
Un operador que participe en el ETS de la UE debe contabilizar las emisiones notificadas mediante la entrega de una cantidad de derechos equivalentes a la cantidad de emisiones reales comunicadas en el informe anual de emisiones del año anterior. This function is carried out through the registry account.
The free allowances to which an operator is eligible for a particular year are issued into the operator’s account by the Registry Administrator by 28 February of that year.
Surrendering of allowances in respect of reported emissions for a year has to take place by not later than 30 April – thus, for the reported emissions for the calendar year X, allowances must be surrendered by not later than 30 April of year X+1.
An operator holding in his account a quantity of allowances that is less than the actual emissions to be covered by surrendered allowances, must acquire additional allowances or use (to the extent allowed) units derived from Kyoto Protocol project-based mechanisms (Certified Emissions Reduction Units – CERs – from Clean Development Mechanism projects; Emissions Reduction Units – ERUs – from Joint Implementation projects).
An operator with a quantity of allowances greater than the amount of emissions to be covered by surrendered allowances can either hold on to excess allowances (“bank” them) or sell them.
An operator may also “borrow” allowances from the subsequent year to cover any shortfall in allowances during a particular year; however, no “borrowing” of allowances can take place between trading periods.
For each tonne of CO 2 equivalent reported for which an operator does not surrender an allowance, the operator is liable to pay a penalty of €100 as required by the Directive. Payment of this excess emission penalty however does not release the operator from the obligation to surrender an amount of allowances equal to the quantity of emissions for which allowances were not surrendered when surrendering allowances in relation to the following year.
Administration of the registry in Malta
In Malta, the role of National Registry Administrator is held by the MRA.
If you are an operator of a stationary installation in Malta or are an aircraft operator administered byMalta, your account shall be opened and administered by the National Registry Administrator of Malta. You should contact MRA for information regarding the procedures to open an operator/aircraft operator holding account and any other queries relating to the registry system at: emissions_trading_scheme@mra. org. mt
EU steps up security of emissions trading system
BRUSSELS, 18. Jun 2011, 04:15
EU member states have backed tighter security measures for the EU's emissions trading system (ETS), after cyber-thieves hacked in earlier this year and stole roughly €30 million in carbon credits.
On Friday (17 June) a committee of member state experts opted to support a raft of anti-fraud measures proposed by the European Commission, with the approval of MEPs and national ministers still needed.
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National registries, where carbon permits are traded, ground to a halt for 15 days after a major theft was detected in January, with investor confidence in the ETS low ever since.
A single carbon registry is due to replace the national trading centres early next year, with EU climate chief Connie Hedegaard welcoming the decision on Friday.
"We have certainly strengthened the integrity of the European carbon market. I am grateful for the good cooperation with stakeholders," she said.
The new measures will include 'out-of band' confirmation of transactions, whereby buyers and sellers must confirm transactions over two separate networks such as email and telephone.
A system of higher security "trusted accounts" and greater due diligence measures are also intended to bolster the scheme.
If fraudulent trades are suspected, authorities will be able to respond more rapidly in future, said the commission, for instance by delaying the completion of some transactions and freezing accounts.
The largest of its kind worldwide, the EU's emissions trading scheme is a key pillar of the bloc's efforts to fight climate change.
By placing a price on carbon emissions, policy-makers hope to incentivize businesses to opt for cleaner production methods.
CDM Registry
Institutional background
The Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol on its first session, held at Montreal from 28 November to 10 December 2005, established that the CDM Executive Board shall develop and maintain the CDM registry according to the requirements set out in Appendix D to the report (FCCC/KP/CMP/2005/8/Add.1 ).
These requirements specify that the CDM registry is to be in the form of a standardized electronic database that ensures the accurate accounting of the issuance, holding and acquisition of CER s. In order to do so, Appendix D to Decision 3/CMP.1 provides guidance on the different account types to be available in the CDM registry, provisions for unique serial numbers, conditions for the forwarding of CER s and publicly available information about the operation of the CDM registry.
This document also establishes that
The Executive Board shall establish and maintain a CDM registry to ensure the accurate accounting of the issuance, holding, transfer and acquisition of CERs by Parties not included in Annex I .
The Executive Board shall identify a registry administrator to maintain the registry under its authority.
( 3/CMP.1, Annex, Appendix D, paragraph 1 ). The Executive Board of the Clean Development Mechanism designated the UNFCCC Secretariat as the CDM registry administrator at its thirteenth meeting .
The Annual report (2003–2004) of the Executive Board of the clean development mechanism to the Conference of the Parties also states that the Board agreed that the secretariat is to be the CDM registry administrator with responsibility, under the authority of the Board, for implementing and operating the CDM registry ( CP/2004/2/ paragraph 59 ).
Publicly available information can be found on the issuance of CER s section.
Information about the amount of CER s allocated to the Adaptation Fund account can be found here
The Executive Board provided further guidance for the work of the CDM registry at its subsequent meetings. The reports of each meeting containing the corresponding decisions can be found on the EB section .
Voluntary Cancellation of CERs:
Voluntary cancellation allows project participants who hold certified emission reductions (CERs) in the CDM registry to cancel them on their own behalf or on behalf of third parties. This gives them access to a broader source of demand for CERs in the voluntary market, while making a diverse portfolio of credits available to organizations and individuals wishing to reduce their carbon footprint.
FOR SELLERS
Advertise CERs available for voluntary cancellation (you will need to create a My CDM account and log in)
View list of CERs wanted
For more information on how to voluntarily cancel CERs in the CDM Registry, click here
Online platform for voluntary cancellation of CERs:
The online platform was launched in September 2017 to allow members of the public to offset their carbon footprint in a simple and transparent way.
The platform is a web based application that allows project participants to offer the voluntary cancellation of their CERs held in the CDM registry at a price they determine. Members of the public can filter available CERs by project type, country or other criteria to ensure their action supports GHG mitigation activities which are in line with organizational goals or personal preferences. Paid CERs are cancelled in the CDM registry through a paperless process. For each purchase of CER cancellation, the CDM registry administrator issues an attestation of cancellation.
The platform is available at the following link: https://offset. climateneutralnow. org/
The page listing the details of voluntary cancellations in the CDM Registry through the online platform can be found in the following link: https://offset. climateneutralnow. org/vchistory
Permanent holding account representatives interested in offering CERs for voluntary cancellation on the platform should contact us at: goclimateneutralnow@unfccc. int
Project participants who hold CERs in the pending account should contact us through their respective focal points for scope (a).
How to…
CDM Registry News - Operational
1 March 2017 - Forwarding / voluntary cancellation transactions can now be performed based on emailed copies of the signed forwarding forms
Scanned copies of the signed forwarding or voluntary cancellation form can now be sent by email to the secretariat for processing, instead of the original form being sent by courier. The forms can be sent at the following email address: cdm-registry@unfccc. int. Please include the Project or PoA number in the email subject line. The request should come from an email account of an authorized signatory of the focal point for scope (a) as per the modalities of communication for authentication purpose . In case of joint focal points for scope (a), the request can come from any of the authorized signatories and the joint focal point should be copied in the e-mail message.
Within 1 to 2 working days after receiving the scanned signed forwarding or voluntary cancellation form, the secretariat may, on a sample basis, place a phone call to a focal point for scope (a) signatory to confirm the details of the requested transaction. An authorized signatory should be available on the phone and should be able to confirm the transaction details in English language. The e-mail message submitting the signed forwarding form may indicate available times and the names(s) of the signatory(ies) available to answer the call.
The secretariat reserves the right to request the sending of the original form (hard copy) by mail if in doubt about the authenticity of the scanned form or if it had unsuccessfully attempted to contact the focal point for scope (a). In case the transaction is processed based on a scanned copy, the original form does not need to be sent.
For full details on the forwarding and voluntary cancellation procedures, please refer to the how-to section here .
2 December 2017 - CDM Registry operations in December 2017
In order to ensure completion of CER forwarding requests by 31 December 2017, project participants are kindly requested to submit signed F-CDM-FWD forms to arrive at the secretariat no later than Friday,18 December 2017 close of business.
Should project participants anticipate delays in sending the original signed F-CDM-FWD form to the secretariat please contact the CDM Registry for further assistance whereby exceptional processing from the electronic submission of the form to expedite completion may be possible.
The CDM Registry will operate with reduced capacity between the period 21 December 2017 and 4 January 2017. Please note that no transactions will be processed on 31 December 2017 due to the closure of the ITL for end of year maintenance.
20 November 2017 – End of CP1 true-up implications for the CDM Registry
The CP1 true-up period ended on 18 November 2017. While external transfers between national registries and retirement of CP1 units are no longer possible, CP1 CERs can continue to be forwarded from the CDM registry to national registries until the end of the carry-over period which is not fixed in time. Project participants who wish to externally forward CP1 CERs in the future should contact the receiving registry concerned to confirm if CP1 CERs would still be accepted and consultation with the respective national registry authorities is also advised in order to be informed of any other possible use of CP1 CERs.
CP1 CERs can remain in the CDM registry and be transacted normally. There is no time limit currently established as to how long this may continue. Project participants may wish to consider making CP1 CERs available on the 'Online platform for voluntary cancellation of CERs'. For further information please refer to the dedicated section above on this page.
13 October 2017 – Financial payments to UNFCCC in October/November 2017
The United Nations is implementing an administrative reform which includes a new Enterprise Resource Planning (ERP) system effective 9 November 2017. During the upcoming transitional period between 18 October and 9 November 2017 we are anticipating increased workloads in the processing of administrative actions, including financial payments, which may impact on stakeholders' own internal deadlines in the various stages of the CDM process. In this regard we kindly request stakeholders to take note of the above information and gauge their submissions to the secretariat as early as possible to ensure sufficient lead time for processing. The secretariat has put in place the necessary interim arrangements to prevent any significant delays occurring.
01 October 2017 – Online Platform for voluntary cancellation of CERs
The online platform for voluntary cancellation of CERs was launched on 22 September 2017. The platform is operated by the secretariat and allows any member of the public to buy CERs available in the CDM Registry for immediate voluntary cancellation. The use of the platform is free of charge and certificates of cancellation will be issued for each confirmed purchase. Further information on the use of the platform should be addressed to the following email address: goclimateneutralnow@unfccc. int
22 July 2017 – CDM Registry email available again
Stakeholders are kindly informed that the CDM Registry email address (CDM-Registry@unfccc. int) is operational.
21 July 2017 – CDM Registry email temporarily unavailable
Stakeholders are kindly informed that the CDM Registry email address (CDM-Registry@unfccc. int) is temporarily unavailable and we are not receiving any emails. For urgent matters please use the following temporary email address: CDMRegistryTeam@unfccc. int. We apologize for this inconvenience.
14 July 2017 – Notification of planned outage of ITL
ITL will be unable to accept or carry out transactions from Thursday, 16 July 2017 at 12:00 UTC until Sunday, 19 July 2017 at 21:00 UTC due to technical maintenance. The CDM Registry will therefore be unable to process transactions during the above-mentioned period and we apologize for any inconvenience caused.
09 July 2017 – Aggregated holdings in the pending account of the CDM Registry
The CDM Registry would like to inform project participants that the aggregated holdings of CERs, tCERs and lCERs in the pending account of the CDM Registry are published on a monthly basis on the CDM Registry web page in the ‘Public Reports’ section at the following web link: https://cdm. unfccc. int/Registry/index. html
23 April 2017 - Update of nomenclature of CDM Registry forms
As per information included in the report of the 83rd meeting of the Executive Board the following CDM Registry forms have been renamed: CDM-MOC-FORM - Modalities of communication statement (version 02.2); CDM-RA-FORM - CDM Registry holding account opening request form (version 01.6), CDM-RA-Change-FORM - To request changes to holding accounts in the CDM Registry (version 3.0); CDM-FWD-FORM - Forwarding/voluntary cancellation form (version 3.0)
4 December 2017 — Issuances over the Christmas holiday period.
Due to closure of the secretariat on 25 and 26 December 2017 and 1 and 2 January 2017, issuances which fall on any of the above-mentioned dates will be processed on the following business day.
4 December 2017 — CDM Registry operations in December 2017
In order to ensure completion of requests to forward CERs by 31 December 2017, project participants are kindly requested to submit signed F-CDM-FWD forms to arrive at the secretariat no later than 17 December 2017 close of business.
The CDM Registry will operate with reduced capacity between the period 22 December 2017 and 5 January 2017. Please note that no transactions will be processed on 31 December 2017 due to the closure of the ITL for end of year maintenance.
27 June 2017 — Notification of planned downtime of ETS registries
ETS registries will be unable to accept or carry out transactions between 0800 hrs UTC on 1/7/2017 and 0800 hrs UTC on 8/7/2017 due to technical maintenance of the CSEUR. The CDM Registry will therefore be unable to process transactions to ETS registries during the above-mentioned period and we apologize for any inconvenience caused.
28 March 2017 — Measures related to processing of requests for issuance that had been delayed in late 2012: Information and update
The CDM Executive Board at EB 71 requested the secretariat to put in place measures to prioritize and expedite requests for issuance that had been delayed as a result of the previous prioritization of requests for registration in late 2012. In response to this request, the secretariat took two specific actions. First, it identified all requests for issuance that had waited for more than two weeks before the commencement of the completeness check. Second, for those projects only, the secretariat invited project participants for the affected projects to inform the secretariat whether the delay was having an impact on their project on their project activity, and explain how.
For those cases where the project participants had substantiated a significant impact of the delay, and for those issuance requests only, the relevant project participants were invited to make the SOP-Admin payment after publication of the respective requests for issuance and/or to request expedited authentication of the requests for forwarding (this was achieved using the standard process for electronic submission).
Please note that the above measures were of a temporary nature and implemented to deal with a backlog that had built since the end of 2012. The measures are no longer in effect as the waiting times for requests for issuance have returned to within the timelines recommended by the CMP.
04 December 2012 — Deadline to submit CER forwarding requests for 2012 processing
Should project participants wish to ensure completion of requests to forward CERs by 31 December 2012, they are kindly requested to submit original signed F-CDM-FWD forms to arrive at the secretariat no later than 17 December 2012 close of business.
Please note that 28 December 2012 will be the last day for processing CER forwarding requests received by the CDM Registry in 2012 due to the unavailability of the ITL on 31 December 2012.
23 November 2012 — Release of modified interface for requesting voluntary cancellation from the pending account of the CDM registry
The secretariat is pleased to announce that the interface for forwarding of CERs/tCERs has been adapted to allow for the voluntary cancellation of the same. Similarly to the forwarding of CERs the focal point(s) for scope (a), should upload a voluntary cancellation request using the link included in the issuance notification message. For further guidance on voluntary cancellation procedures please refer to the How to/Guidance section on the CDM Registry web page.
15 November 2012 — Introduction of voluntary cancellation in the CDM registry
For requests for voluntary cancellation of units from Permanent Holding Accounts in the CDM registry, account holders are requested to contact the CDM registry team at cdm-registry@unfccc. int to obtain a temporary transfer form for this purpose.
Project participants may submit notifications of units available for cancellation as per the procedure for implementing voluntary cancellation in the CDM registry. To proceed with a submission please refer to section "Voluntary Cancellation" on this web page. Please note that the functionality will be activated in the late afternoon.
Notification of delay on implementation of voluntary cancellation requests from the pending account of the CDM registry:
The CDM Registry regrets to inform users that due to unforeseen technical issues the deployment of the interface to enable the submission of requests for voluntary cancellation of units from the pending account of the CDM registry will only be available from 23 November 2012.
9 August 2012 — Update on EU account information in the CDM Registry
Further to clarifications received on the operations of the Union Registry (European Community) and confirmation of the continuation of the EU member state Kyoto registries, the CDM Registry Administrator is discontinuing transfers of CERs to Union Registry accounts, i. e. accounts holding an EU prefix, with immediate effect. This announcement supersedes related information posted on 6 July 2012 'EU accounts in the CDM Registry'.
30 July 2012 — Transitional arrangements to the F-CDM-MOC, version 02.1
Following the implementation of the electronic F-CDM-MOC, version 02.1, on 27 July 2012, and in line with the revised end date of 31 January 2017 for the submission of any requests for registration/issuance under current rules (EB68 report, Annex 33), project participants are encouraged to start uploading version 02.1 of the F-CDM-MOC for post-registration changes as soon as possible due to the fact that the electronic interface for post-registration changes has already been converted to reflect version 02.1. From 1 February 2017 all requests for changes to the F-CDM-MOC should be submitted using version 02.1 of the F-CDM-MOC only.
24 July 2012 — unavailability of the MoC electronic interface
The MoC electronic interface will be unavailable for 24 hours from 25 July 23:59:59. For further information on the deployment of the new F-CDM-MOC, please refer to CDM Registry News - Operational - 11 May 2012. Implementation of electronic F-CDM-MOC, version 02.1. The interface will be fully operational as of Friday, 27 July 2012.
6 July 2012 — EU accounts in the CDM Registry
The CDM Registry has been updated to support account references with EU as a Party code for CER transfer purposes. Henceforth focal points may enter either their new EU account number in the CDM interface or continue to use the Party code and account number previously allocated which is still valid for CDM purposes. Kindly ensure that the EU or Party code is followed by the applicable account number and account type to ensure smooth processing.
11 May 2012 — Implementation of electronic F-CDM-MOC, version 02.1
Registration: Up until 30 September 2012, entities may choose to submit either version 01.4 or version 02.1 of the F-CDM-MOC through their validating DOE according to the selected track for submitting a request for registration.
Post-registration changes: Effective 27 July 2012, the MoC electronic interface for post registration changes will be updated to reflect version 02.1 of the F-CDM-MOC. Project participants should note that effective 27 July 2012, any post-registration changes should be requested by using only version 02.1 of the F-CDM-MOC as a result of the updated electronic interface. Up until the switch between F-CDM-MOC versions, version 01.4 should be scanned and submitted as a pdf file to the request for changes, however, the secretariat will also accept the use of the new 02.1 F-CDM-MOC.
To avoid discrepancies between the version of the electronic interface and the submitted pdf file, project participants are encouraged to print the F-CDM-MOC for signature from the interface. In F-CDM-MOC, Section 3: Statement of Agreement, the fields "Full name of authorized signatory", "Signature" and "Date" as well as the fields "Signature" and "Date" elsewhere in any of the MOC forms should be completed by hand after the respective form is printed from the interface prior to uploading a scanned version of the fully completed form.
9 May 2012 — Temporary unavailability of CDM Registry during transition to single Union Registry
Due to the imminent transition of EU member state registries to a single common emissions registry the CDM Registry will be unavailable to process forwarding transactions designated to EU national registries from 3 to 19 June 2012. Focal points are therefore encouraged to submit any CER forwarding requests to accounts with affected national registries to arrive at the secretariat by 28 May 2012 in order to ensure their completion prior to suspension of EU registry operations on 3 June 2012.
*Please note that requests for forwarding of CERs to non-EU registry accounts will not be affected by the above-mentioned closure period and will continue to be processed in the normal manner.
05 April 2012 — F-CDM-MOC, version 02.1: main changes in brief
Following the decision of the Executive Board to adopt the “Clean Development Mechanism Project Cycle Procedure” at its 65th meeting in Bonn, project participants are required to use the F-CDM-MOC, version 02.1. when submitting a new MOC statement. The main changes of the new form to be effective 1 May 2012 are:
1. The introduction of a new section in the F-CDM-MOC with regard to a focal point entity’s change in name or legal status for post-registration submissons only.
1.1. Should the focal point entity changing its name or legal status also be a project participant, a new F-CDM-MOC should be submitted together with a DNA confirmation; the Annex 2 is no longer a requirement in such cases.
1.2. Should the focal point entity changing its name or legal status also be a project participant, and the same signatories apply for the entity in its role as focal point and as a project participant, there is no requirement to submit a separate Annex 2 to update the contact details of the project participant.
2. As per CDM Project Cycle Procedure, paragraph 169, on first time nomination of a focal point entity, the focal point(s) for scope (b) shall provide written evidence of:
(a) The new focal point’s corporate identity, and
(b) The personal identity and employment status of the new focal point’s authorized signatory(ies), including their specimen signature(s). For detailed instructions on the above, please refer to the standard F-CDM-MOC template on the Registry website.
19 March 2012 — Introducing the new F-CDM-MOC
In conjunction with the adoption of new procedures at EB65, the secretariat has published related forms including the new F-CDM-MOC (version 02.1) on the CDM website which is shown together with the current MoC form (version 01.4) at the following link: http://cdm. unfccc. int/Reference/PDDs_Forms/index. html#reg
Due to the fact that version 02.1 of the F-CDM-MOC only becomes effective on 1 May 2012, project participants are encouraged to continue to use version 01.4 of the MoC form until that date. It is anticipated that the new MoC statement will be available electronically as of 1 May 2012, however, users are kindly requested to refer to the CDM Registry website for updates on progress in this regard. Should there be an extended delay in implementing the electronic form, interim arrangements will be put in place to allow for an extended use of the old MoC form.
18 Jan 12 —Validity period for submitted CER forwarding requests
CER forwarding requests submitted electronically which are not supported by a signed F-CDM-FORWCERS form received at the secretariat within 90 days of the original submission will be automatically rejected unless CDM Registry is requested by focal point entities to extend the validity period for a justified reason.
19 Dec 11 —CER issuance 23/12/2011
Project participants are kindly informed that CERs issued on 23 December 2011 will be available for distribution on 27 December 2011 due to the Christmas holiday period.
06 Dec 11 —CER issuance 30/12/2011
Project participants are kindly informed that CERs issued on 30 December 2011 will be available for distribution on 3 January 2012 due to the Christmas holiday period.
18 Nov 11 — Deadline to submit CER forwarding requests for 2011 processing
Should project participants wish to ensure completion of requests to forward CERs by 31 December 2011, they are kindly requested to submit signed F-CDM-FORWCERS forms to arrive at the secretariat no later than 14 December 2011 close of business.
07 Nov 11 — MOC pre-screening step
Effective 7 November 2011 the pre-screening step on the MOC electronic interface will be removed. Focal point entities should continue to submit requests for changes to the MOC in the usual manner which will be addressed by the CDM Registry team as promptly as possible.
28 Oct 11 — Confidential documentation on the CDM website
The secretariat has removed documentation related to Modalities of Communication containing confidential information from the CDM website which will be replaced with digitized documentation of a restricted nature. While this exercise may take up to several months, project participants and focal points are kindly requested to ensure accurate maintenance of their own records for reference purposes until all digital documentation is available and published in a restricted format on the CDM website.
21 Oct 11 — Updated information for changes to a CDM Registry holding account
Please note updated requirements for effecting changes to holding accounts in the section 'How do I request changes to a CDM registry holding account'
12 Oct 11 — CDM Registry resumes operations
Please be informed that the CDM Registry has resumed operations and that CER issuance and CER forwarding transactions from the pending account are being processed as per normal procedure.
11 Oct 11 — Anuncio importante
An attempt was made from outside the UNFCCC secretariat to execute an unauthorised transfer of certified emission reductions (CERs) from the CDM registry. Internal security procedures prevented the transfer from being executed, and no CERs were transferred. The owners of the accounts involved have been notified by the secretariat. The secretariat is investigating the incident to ensure continuous safe operation of the registry.
7 Oct 11 — Unavailability of the CDM Registry
Due to scheduled maintenance of the International Transaction Log the CDM Registry will be unavailable to process transactions or issuance/account related matters from 4-10 November 2011. We kindly request the understanding of project participants and account representatives during this outage period which is aimed to improve service requirements and benefit users of the CDM Registry.
25 Jul 11 — Disclaimer notification - F-CDM-MOC form
Project participants are invited to take note of a disclaimer notification which has been included on the F-CDM-MOC form, Annex 2, Section 4. As per CDM procedures this editorial change has been published on the CDM public website and is effective 25 July 2011. A grace period is applicable to this change whereby F-CDM-MOC forms will be accepted without inclusion of the disclaimer notification if submitted prior to the anticipated approval of the Executive Board at its sixty-third meeting, due to take place from 25-29 September 2011.
12 Jul 11 — Validation of documents - 'Change/Update of contact details'
Documentation submitted to support requests for changes to contact details of project participants/focal point entities is required to be dated within 24 months of the date of submission of the documents to the secretariat; alternatively, a notarized certificate confirming the validity of any document dated older than 24 months at time of submission to the secretariat will be accepted.
16 May 11 — Notice to CDM project participants and stakeholders
The secretariat will not execute any registration and issuance process-related actions during the period 18-20 May 2011 due to a planned capacity-building exercise involving the programme in the UNFCCC secretariat that supports the Kyoto Protocol mechanisms.
17 Mar 11 — Change the name of a project participant or focal point Project participants
Annex 2, Sections 1 & 2 only of the F-CDM-MOC form together with either: 1. A validating letter from the authorizing DNA. Such letter should clearly state that the name of the entity has changed, include the former name and new name of the entity, and confirm that the original LOA remains valid after the change of name or legal status of the registered project participant; or 2. A new LOA to include both the former name and the new name of the project entity, which is important for verification purposes, would also be accepted.
Project participants (nominated as focal point entities)
A new F-CDM-MOC form and Annex 2, Sections 1 and 2, together with either: 1. A validating letter from the authorizing DNA. Such letter should clearly state that the name of the entity has changed, include the former name and new name of the entity, and confirm that the original LOA remains valid after the change of name or legal status of the registered project participant; or 2. A new LOA to include both the former name and the new name of the project entity, which is important for verification purposes, would also be accepted. Change the name of a project participant or focal point entity
22 Feb 11 — Editorial change to F-CDM-MOC form
As only minor editorial changes were included in the updated F-CDM-MOC form on 22/2/2011 (version 01.3), project participants may continue to utilize the previous version (01.2) if the form is already in circulation for signature purposes; however, any future submission should reflect the updated version. Forms - Registration/Validation
09 Feb 11 — Important announcement
Due to the recent closure of EU national registries for security reasons, the CDM Registry kindly requests the understanding of project participants for the undue delay in processing CER forwarding transactions. As soon as the national registries concerned are available the requested action will be taken as soon as possible.
07 Dec 09 — Electronic interface update
Updates to the electronic interface designed to facilitate requests for changes to MOC statements form focal point entities were introduced on 30 November 2009. The changes and improvements include a new ‘action-based’ interface where focal point entities are invited to use the new functions available which, amongst others, provide for the possibility to upload additional documents, including Letters of Approval (LoAs ), via the online interface.
The secretariat continues to test and modify new features which will lead into the next phase of development expected in the first half of 2010.
04 Sep 09 — Electronic interface for requesting changes to the MOC. addition/withdrawal of project participants or updating contact details
Following the guidance provided in the Procedures for Modalities of Communication between Project Participants and the Executive Board adopted at EB45, the secretariat is pleased to announce that a pilot interface was deployed on 12 August 2009 (version 1) as a first step towards a full online and paperless process.
Authorised signatories of project participants and focal point entities that wish to request changes to existing Modalities of Communication, addition/withdrawal of project participants or updating contact details should use the electronic F-CDM-MOC form available on the link provided in the registration and issuance emails.
It is no longer necessary to submit the hard copy of the MOC form or any of its annexes, provided the scanned documents have been duly signed and uploaded through this interface. Please note, however, that these documents should be available upon request should the secretariat deem it necessary to verify the originals.
For security reasons, all communication must be channelled via the authorised signatory/ies of the focal point entity and each request made through the electronic interface should be made using the name and email address that has been officially registered in the modalities of communication.
CDM Registry News - Regulatory
23 September 2017 – Status of CP1 CERs after the true-up period
CP1 CERs that are held in the CDM registry are not subject to the automatic cancellation procedure that applies to CERs that are held in Annex I Party registries. They may continue to be held in the CDM registry, transferred within the CDM registry, and voluntarily cancelled in the CDM registry after the end of the true-up period.
There are also no restrictions with regard to the continuation of issuance of CP1 CERs in the CDM registry. It is possible that the CDM Executive Board may set a deadline for receiving requests for issuance for CERs corresponding to emission reductions or removals achieved on or before 31 December 2012 but it is expected that any such deadline would have substantial lead time.
For more information kindly refer to our FAQ Post 2012 issues section.
08 July 2017 – CP1 CERs
Following the implementation of national legislation in Switzerland the Swiss National Registry has prohibited incoming international transactions containing units from commitment period 2008-2012 (CP1) since 30 April 2017; in this connection any requested transfers of CP1 units designated to the Swiss national registry will be rejected. Please note that this deadline does not apply to CP2 credits. For further information please contact the Swiss national registry at the following email address: emissionsregistry@bafu. admin. ch
10 July 2017 — Commitment Period 2 (CP2) deployment
Commitment Period 2 (CP2) capabilities related to requests for issuance and forwarding of units will be available to stakeholders from Friday 12 July 2017. The new functionality includes the option to request issuance/forwarding of units from Commitment Period 1 (CP1) and Commitment Period 2 (CP2) or a combination of units from both commitment periods.
20 June 2017 — Commitment Period 2 (CP2) capabilities to be deployed
Commitment Period 2 (CP2) capabilities related to requests for issuance and forwarding are expected to be deployed for external users in the second week of July 2017.
16 October 2012 — Introduction of voluntary cancellation of units in the CDM Registry: Date of launching 15 November 2012
Further to its adoption by the Executive Board at its 69th meeting, the CDM Registry is pleased to announce the introduction of a Voluntary Cancellation Account for the purpose of cancelling CER/lCER/tCER units on a voluntary basis.
The voluntary cancellation mechanism will allow project participants who hold CERs/tCERs/lCERs in either a holding account or the pending account in the CDM Registry to cancel units on their own behalf or on behalf of third parties. Upon confirmation of a voluntary cancellation request the CDM Registry will issue an 'Attestation of Voluntary Cancellation' to the requestor of the cancellation transaction and publish the information on the CDM Registry web site.
Reports on transactions related to Voluntary Cancellations will be published on a bi-weekly basis on the 'Public Reports' section of the CDM Registry web page.
Voluntary cancellation transactions shall be requested following the normal procedures for forwarding from holding accounts and from the pending account of the CDM Registry. Detailed information on how to request voluntary cancellation will be published prior to the release date on the CDM Registry News - Operational page and on the How to/ Guidance section of the CDM Registry web page.
A web-based facility will be created on the CDM Registry web page to serve as a platform to facilitate interaction with potential providers of units for voluntary cancellation. The Voluntary Cancellation Service will provide a transparent and accessible forum for exchange of information. Further information on how to use the platform will also be published prior to the release date on the CDM Registry News - Operational page and on the How to/ Guidance section of the CDM Registry web page.
20 June 2012 — Activation of single Union registry for EU member States
The full activation of the EU Emissions Trading System single registry, including the migration of over 30,000 EU ETS accounts from national registries, is scheduled to take place on 20 June 2012. The transition timetable is as follows:
Starting on 14 May 2012 at 10:00 CEST, account holders will not be able to open or close accounts or to modify account and account representative details, neither in national registries nor in the single registry.
From 3 June 2012 at 10:00 CEST, the operation of national registries and the single registry will be suspended and account holders will not be able to access registry accounts - including allowances held in these accounts.
On 20 June 2012 at 12:00 CEST, the single registry will be fully activated. Users of existing national registries will be able to use the single registry as soon as they receive their new authentication credentials from their national administrator.
24 Oct 08 — CDM registry starts live operations with EU registries
The CDM registry is pleased to announce that, as a result of the successful connection of EU registries and CITL to the ITL, our live operations with EU registries have officially started on Wednesday 22 October. As from that date the CDM registry has been able to forward CERs held in temporary holding accounts to their associated EU registries for all cases where the national registry ID was made available by account representatives and where the receiving national registry confirmed their readiness to receive them.
Entities responsible for instructing on forwarding of CERs from the Pending account of the CDM registry to acquiring holding accounts of project participants authorised by an EU country, as stated in the modalities of communication, are encouraged to check whether the corresponding EU national registry is available to receive CERs from the CDM registry and to ensure that the receiving account corresponds to an account within that national registry.
Account representatives of temporary holding accounts that are still expecting to receive CERs in the corresponding national registry are requested to ensure that the national registry account ID has been instructed through the CDM registry online interface (user name and password needed).
16 Oct 08 — Successful connection of the CITL and EU national registries to the ITL
The UN Climate Change secretariat announced on Tuesday 14 October 2008 that it is on schedule to complete the live connection of the UNFCCC International Transaction Log (ITL) with the European Union (EU) Community Independent Transaction Log (CITL) and 26 European Union greenhouse gas emissions trading system (EU ETS) registries. As a result of this, the CDM registry and other Non-EU registries have been switched back to "Operating" mode as from today Thursday 16 October. The CDM registry is therefore now fully operational and able to resume forwarding of CERs as usual.
Please note, however, that the forwarding of CERs from Temporary Holding Accounts (THAs) to the associated EU registries will not take place until all the preparatory work has been completed in coordination with the receiving registries. The exact date when all these CERs will be sent to EU registries will be advised on this page in the next few days.
01 Oct 08 — Connection of the CITL and EU registries to the ITL
The European Commission (EC), Member States and the secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) are currently working on the last preparatory phases of setting up a live connection between the CITL, the UNFCCC International Transaction Log (ITL) and Member State registries. The final connection process between the ITL and CITL will start on 6 October at 8:00 am CEST and is expected to take at least 10 calendar days (see here ).
Please note that, as a result of this process, the CDM registry will not be available for forwarding transactions during that time starting on October 7 2008. Although issuance of CERs will still be conducted as usual, ensuing forwarding requests will not be processed until the connection process is finalised.
Once this connection process has been successfully completed, the CDM registry intends to forward all CER units currently held in temporary holding accounts to the national registries they are associated with. All CERs contained in a temporary holding account will be forwarded to the receiving account in the national registry in a single transaction. Specific instructions in this regard are being provided to account representatives via email.
For further information about the announcement mentioned above, please refer to the following links:
Type of accounts
The main account in the CDM registry is known as the “Pending account”. This is the account where CERs, lCERs and tCERs are issued upon instruction by the EB and therefore contains all those units that have been issued and not yet forwarded to the holding accounts of project participants.
Decision 3 CMP/2005/8/Add.1 (paragraph 66) states that upon being instructed by the Executive Board to issue CERs for a CDM project activity, the CDM registry administrator, working under the authority of the Executive Board, shall, promptly, issue the specified quantity of CERs into the pending account of the Executive Board in the CDM registry, in accordance with Appendix D.
There is no specific time limit for CERs to remain in the Pending Account of the CDM registry and they are forwarded to the holding account of project participants in accordance with the modalities of communication in place at the time of the request. (See section How to forward CERs to a holding account of a project participant ). Project participants should ensure the Share of Proceeds for administrative expenses (SOP Admin) has been paid in full in order to be able to request the forwarding of CERs.
Decision 7 CMP/2005/8/Add.1 paragraph 37 defines the resources for work on the clean development mechanism and establishes that the SOP Admin is to be calculated according to the following rule:
(a) USD 0.10 per certified emission reduction issued for the first 15,000 tonnes of CO2 equivalent for which issuance is requested in a given calendar year;
(b) USD 0.20 per certified emission reduction issued for any amount in excess of 15,000 tonnes of CO2 equivalent for which issuance is requested in a given calendar year;
Detailed information related to the issuance of CERs can be found in section “Issuance of CERs ”
(a) That the share of proceeds to assist developing country Parties that are particularly vulnerable to the adverse effects of climate change to meet the costs of adaptation, as referred to in Article 12, paragraph 8, of the Kyoto Protocol, shall be two per cent of the certified emission reductions issued for a clean development mechanism project activity;
(b) That clean development mechanism project activities in least developed country Parties shall be exempt from the share of proceeds to assist with the costs of adaptation; http://unfccc. int/resource/docs/cop7/13a02.pdf#page=23
The CDM registry has set up a dedicated account for the Adaptation Fund where the two percent of each issuance of CERs is forwarded at the time of the issuance. The work and progress of the Adaptation Fund and its Board can be followed on www. adaptation-fund. org .
Publicly available information on the amount of CERs that are deducted for the Adaptation Fund can be found in section “SOP for the Adaptation Fund ” of this site.
The CDM registry used to support temporary holding accounts for project participants with authorisation from an Annex I Party (country) wishing to receive CERs and whose national registry is not yet connected to the ITL. (http://unfccc. int/resource/docs/cop10/02.pdf paragraph 57).
Each temporary holding account was associated with one specific holding account in the national registry of the Party that provided the Letter of Authorisation (LOA) for the participation of the entity in a given CDM project activity. As soon as the corresponding national registry was fully connected to the ITL the CDM registry forwarded all the CERs held in the temporary holding account to the associated account in the acquiring national registry in coordination with the counterpart registry. The details of this process was provided to all account representatives once the connection of the national registry has been confirmed by the ITL administrator.
As of 2017, the CDM Registry Administrator has phased out the Temporary holding accounts.
Following further guidance provided by the EB, the CDM registry also allows project participants registered in a CDM project activity with authorisation from a Non-Annex I Party to open a holding account where CERs, lCERs and tCERs can be received for the subsequent forwarding of those units to the holding accounts of project participants with authorisation from an Annex I Party. (http://unfccc. int/resource/docs/cop10/02.pdf paragraph 58).
Permanent holding accounts can only receive CERs from the Pending account of the CDM registry and from any CDM project activity in which the account holder is registered as a participant with an authorisation of the same Non-Annex I Party.
Units (CERs, lCERs or tCERs) being held in a permanent holding account can only be forwarded to the holding accounts of entities registered as participants in the CDM project activities that originated those units and with an authorisation (LOA) from an Annex I Party (temporary holding accounts or national registry holding accounts).
See section Application for a holding account in the CDM registry for more information on how to open a holding account in the CDM registry. The procedure and requirements are the same for both, temporary holding accounts and permanent holding accounts.
Further information
Home > Climate Change > Emissions Trading – Introducción
Emissions Trading – Introducción
Emissions trading, or “cap-and-trade” as also commonly known, is becoming a key market-based approach for the control of pollutants through the provision of economic incentives to limit or reduce emissions.
General information on emissions trading with particular reference to the European Union’s emissions trading scheme may be found here. More detailed information on specific matters related to implementation and compliance may be found in the following sections:
What is Emissions Trading?
The underpinning rationale of emissions trading is that emission reductions are achieved where the cost of the reduction is lowest, thus lowering the overall cost of mitigation efforts against climate change.
Principles of the cap-and-trade approach were existent and being modeled as early as the middle 1900’s, with the concept being put in practice first in the United States in the early 1990s (US Acid Rain Program).
Emissions trading was then adopted as a principal means for controlling emissions of greenhouse gases. In fact, emission trading principles became the basis for international emissions trading as established by Article 17 of the Kyoto Protocol to the United Nations Framework Convention on Climate Change – trading of emission entitlements between parties with quantified emission limitation or reduction targets.
An authority (for example an international or regional body in the case of a multinational scheme, or a government in the case of a national scheme) sets a cap on the total amount of pollutant that can be emitted under the scheme. Parties or companies participating in an emissions trading scheme are each allocated a quantity of tradable emission permits (also referred to as allowances), the sum of which would be equivalent to the overall cap. Each emission permit or allowance is equivalent to a specific amount of pollutant; in the case of greenhouse gas emissions trading schemes, one permit or allowance is normally equivalent to the emission of 1 tonne of carbon dioxide equivalent. Schemes may also include a decrease in the cap over time.
Entities participating in such a scheme, and thus allocated emission permits, have the flexibility of determining how and where emission reduction will take place. An entity is allowed to emit in excess of the allocation of permits it has been issued by purchasing additional permits from an entity that emits less than its allocation and thus has surplus permits to sell (Figure 1). Thus entities can either reduce emissions on site or else buy permits, depending on which approach is the most cost-effective for that entity. The buyer of permits or allowances is effectively paying for polluting, while the seller is rewarded for reducing its emissions by more than was needed.
Most importantly, the overall environmental outcome is however not affected as the total amount of permits or allowances in the scheme, therefore the overall limit on emissions, remains fixed.
Figure 1 – diagrammatic representation of how emissions trading works in practice
What is the European Union Emissions Trading Scheme?
The European Union has established the largest multi-country (to date covering 27 EU Member States, with the participation also of Norway, Iceland and Liechtenstein) and multi-sector emissions trading scheme, covering large, stationary, greenhouse gas-emitting industrial installations (since 2005) and, as from 2012, aviation activities.
The first greenhouse gas addressed by the scheme was carbon dioxide, with nitrous oxide and perfluorocarbons from certain sectors being added with time.
“ The EU Emissions Trading System (EU ETS) is a cornerstone of the European Union’s policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively .”
Directive 2003/87/EC – an overview.
The EU ETS Directive, Directive 2003/87/EC sets out the legal framework for the implementation of the EU emissions trading scheme in Member States. The roles and responsibilities of the principal players in the scheme, including competent authorities and operators are described in the directive, which also provides harmonized rules relating to the main functions of the scheme.
The directive has been updated a number of times, through amending directives. Estos son:
Directive 2004/101/EC (also called “the Linking Directive”) which allows operators in the scheme to use, subject to a number of restrictions, credits derived from projects implemented under the Kyoto Protocol project mechanisms for compliance with their surrendering obligations. These credits are the Certified Emission Reduction units (CERs) generated by Clean Development Mechanism projects (CDM) and the Emission Reduction Units (ERUs) generated from Joint Implementation (JI) projects;
Directive 2008/101/EC which provides for the inclusion of aviation activities in the scheme. For this sector, this amending directive introduced a number of concepts, such as EU-wide harmonized cap setting and allocation rules, mandatory partial auctioning of allowances and, use of benchmarking where free allocation is applicable, which concepts were later expanded for industrial sectors;
Directive 2009/29/EC. forming part of the Climate Change and Energy Package of 2009, it brought into effect a number of important changes particularly with respect to industrial installations. The scope of the scheme was expanded to include new industrial sectors and new gases from certain sectors. The setting of an EU-wide allowance cap and mandatory auctioning of allowances and free allocation by benchmarking, as allocation methods for stationary installations, and the establishment of a single Union registry are among the more fundamental changes brought about by this amending directive.
Implementing the EU ETS Directive in Malta
Legal Notice 434 of 2017 transposes Directive 2003/87/EC into local law in so far as it relates to stationary installations.
Legal Notice 403 of 2012 transposes the directive in so far as it relates to aviation activities.
The competent authority responsible for the overall implementation and administration of the EU ETS in Malta is the Malta Resources Authority.
For further information please call on (+356) 2295 5115 or email us at:emissions_trading_scheme@mra. org. mt .
EU Emissions Trading System
Memorandum submitted by ScottishPower (ETS 41)
1. This evidence is provided on behalf of Scottish Power Limited (a major UK energy supply, networks and generation business), and ScottishPower Renewable Energy Limited (a leading renewable developer in the UK). Both companies are wholly owned subsidiaries of Iberdrola S. A. and references to "ScottishPower" and "we" are to either or both companies as the context requires.
2. Scottish Power Limited is an energy business that provides electricity transmission and distribution services to more than 3 million customers, supplies some 5 million electricity and gas services to homes and businesses across Great Britain (GB), and operates electricity generation, gas storage facilities and associated energy management activities in the UK.
3. ScottishPower Renewable Energy Limited is part of Iberdrola Renovables, which is the largest developer of renewables globally. Among our projects is the Whitelee wind farm; at 322MW, it is the largest onshore wind farm in Europe.
4. ScottishPower is a member of a consortium proposing to build and operate a commercial scale post combustion CCS plant at our Longannet Power Station under the Government’s CCS competition.
5. Iberdrola is also a major producer of nuclear power in Spain and is partnering with GDF Suez and SSE with a view to undertaking new nuclear build in the UK, including a proposed power station of up to 3.6GW on land adjacent to the existing nuclear complex at Sellafield.
Does the EU ETS remain a viable instrument for climate change mitigation in the EU?
6. EU ETS has played an important role in the EU’s climate change mitigation programme, but it has not proved to be a driver for investment in low carbon technologies. This is largely because the carbon price has not been sufficiently visible in advance, even if the cap is known, because the demand for carbon emissions is unknown and dependent on EU-wide economic growth. The result of this is that, under the ETS as currently constituted, the relative economics of investment in low carbon technologies such as nuclear power (as opposed to higher carbon alternatives) depends on projections of overall economic growth in Europe.
7. The UK Government has responded to this issue through the Electricity Market Reform (EMR) package which supplements EU ETS with specific measures (including in particular feed in tariffs) to encourage investment in low carbon technologies such as renewables as well as arrangements to support the effective carbon price for generators through taxation.
8. It is likely that the continued development of low carbon generation elsewhere in Europe will require similar arrangements at least as regards support for specific technologies. Indeed, we think that it would be preferable for any mechanism to stabilise the price of carbon to be applied at an EU level rather than in the UK alone. This is because a UK-only scheme remains susceptible to arbitrage and carbon leakage effects with adjoining Member States, and is therefore not bankable.
9. Subject to the above caveats (that the EU ETS cannot be the whole solution, and some sort of greater stability and visibility of the carbon price could enhance the investment signals it provides), it remains the case that EU ETS is the most ambitious and innovative policy scheme so far for reducing greenhouse gas (GHG) emissions across multiple nations. The scheme is, in large, understood by participants and functions well to provide a liquid trading market. As a market based instrument, it has the potential to minimise the cost of achieving set emission reduction targets.
10. The consolidated Directive (2009/29/EC) has already made a number of improvements to the scheme, commencing in phase III. These include a single EU wide cap on the number of allowances and harmonised allocation rules. However, it is vital that the scheme is strengthened and developed further to ensure it remains a viable instrument which can play a key role in the delivery of longer-term climate change mitigation measures, as proposed in the Commission’s roadmap for moving to a low carbon economy by 2050.
11. The EU ETS also represents a strong foundation on which to build in order to link with other cap and trade schemes as they may be developed across the globe.
Can the EU ETS operate effectively in a world without legally binding emission reduction commitments and other cap and trade schemes?
12. In the absence of an international framework for emissions reductions, it is important that the EU continues to lead by example in the development of efficient policy frameworks, such as the EU ETS (the largest GHG reduction scheme in the world). This actively demonstrates that emission reductions can be met at an acceptable cost.
13. The ETS operates an effective and flexible regime, enabling Member States and ETS sectors to meet their caps in the most efficient manner. However, as discussed above, it needs to be further developed and/or supplemented in order to provide greater longer-term investment certainty for business going forward.
14. Clearly, there needs to be recognition of the international competitiveness of EU participants. European steps towards a low carbon economy need to be pursued within a wider global context. In this respect, it is important to make progress towards a long term legally binding agreement.
What reduction in emissions will the EU ETS deliver in phase III, within the EU and abroad?
15. With regards to the EU, the consolidated Directive (2009/29/EC) published in June 2009 stipulates that caps set at 2017 will be reduced annually by a linear factor of 1.74%. The Directive specifies a maximum level of allowances that can be sourced from outside the EU. We are working on the assumption that these will be taken up.
Could the environmental and economic efficiency of the EU ETS be improved by linking with other emissions trading schemes and how can this be achieved?
16. The long-term aim should be for the ETS to gradually link with compatible systems around the world. Facilitating trade flows across different market boundaries presents greater opportunities for efficient abatement costs and achievement of emission reduction objectives on a global scale. It also provides for potential to reduce competitiveness distortions arising from different carbon constraints/price levels in different global markets (i. e. carbon leakage).
17. The success of the EU ETS has already inspired other countries and regions to consider and develop cap and trade schemes of their own, for example, domestic cap-and-trade systems have been being implemented or discussed in the US, Japan, Australia, South Korea, New Zealand and Switzerland. However, linking with other such trading schemes could be problematic if the underlying systems and climate change policies are too different. For example, in order for linking to be successful wider schemes will need to have robust mandatory caps on emissions, comparable monitoring, reporting and verification requirements and comparable compliance and enforcement regulations. Linking will likely take the form of bi-lateral markets prior to expanding towards regional and international markets.
18. The best way to achieve an efficient global solution to linking with other emissions trading schemes would be to:
· Facilitate global trading across major emitting sectors (i. e. sectoral trading - assuming that all the major emitting sectors would be included in other schemes);
· Develop new sector crediting mechanisms (to support actions in developing countries, which will in turn result in real global emission reductions);
· Enabling the ETS to utilise credits from potential new mechanisms that can finance new low carbon infrastructure, especially abroad; and,
· Link to other carbon offset opportunities – eg REDD+
What actions should the UK and the EU be taking to promote the development of compatible ETS’s internationally?
19. The EU ETS already presents a strong foundation on which to develop a global carbon market. The UK and the EU must therefore continue to support the ETS to further demonstrate its effectiveness as a trading scheme that can meet emission reduction targets in the most efficient way.
20. We have already seen some improvements in the revised Directive (2009/29/EC), which will provide for further future alignment with other emission trading schemes such as through the introduction of other sectors (aviation) and green house gases. However, these efforts need to be complemented by further progress in meeting robust emission reduction targets in developed countries across the globe. Progress on these commitments in turn will be helped by efforts being made on long-term emissions reductions in some developing countries.
21. The EU must therefore continue to push for further commitments from developed countries, including through policies such as sectoral commitments or sustainable development policies and measures, whilst also leading efforts to secure progress on emissions reductions across the world.
Could sectoral agreements form part of the future of the EU ETS?
22. Sectoral agreements could have a strong role to play in future emissions reduction initiatives. It is possible to envisage a process that leads to the creation of credits arising from efficiency improvements to CO2 benchmark or BAT standards for industrial plant. These credits could then be released into an international trading scheme.
23. There would need to be associated safeguards put in place to avoid unwelcome distortions (e. g. subsidies for certain industries) or the gaming of such a system (e. g. artificially low baselines for calculating additionality). Such a system would also need to consider the nature of trade flows and the binding nature of such agreements. Initially, it might be possible to develop bi/multi lateral arrangements between participating States. Demand for sectoral credits will not only come from the EU, but other from other developed and developing nations.
Will the EU ETS be able to access viable alternatives to international credits without the Clean Development Mechanism?
24. The Clean Development Mechanism ("CDM") (and JI) has proved to be a cost effective way to reduce emissions and increase investment in low carbon technologies across the globe. The environmental integrity of the CDM has not always been as strong as it might have been and it has also been subject to some other limitations.
25. We believe that the CDM should still play a constructive role in international markets - but it needs to be much simpler, more material in nature and be applied to a wider range of accepted technologies.
26. There is also likely to be a variety of mechanisms designed in the future that can enable investment in low carbon initiatives abroad. For example, we support examining the extension of credits arising from sectoral agreements (as above), the potential development of green bonds to stimulate widespread deployment of low carbon investment and the development of a market in other offset schemes such as REDD.
27. Whatever mechanisms are chosen in the future, it is important that the UK Government (and the EU) ensure that the highest quality governance is in place for the development of these markets. Such mechanisms must have the best available assurance in order that consumers, industry and taxpayers are protected.
Is the EU ETS a constraint on unilateral action to reduce emissions and, on the other hand, how are Member States’ own policies affecting the operation of the trading system?
28. The EU ETS has the potential to act as a discouragement to domestic action within the traded sector since reductions achieved could be balanced by increases in other ETS countries. In practice, the effect has not been observed as EU Member States have pursued renewables and energy efficiency policies regardless of this effect.
29. One reason why domestic action has been pursued in the traded sector is a belief that CO2 limits will continue to fall and that a high carbon economy is likely to become extremely expensive. Against that background, it is rational for Member States to pursue domestic action in order that their economies are ready for a time when carbon prices are much higher.
30. A side effect of the continuing of domestic actions by Member States will be to depress the price of carbon in EU ETS. However, developments in the European economy have been the more significant reason for a reduction in emissions and to generally lower than expected CO2 prices.
31. In the UK, it is clear that there will be interaction between the carbon floor price and the EU ETS depending upon the level of variance from carbon prices under the EU ETS. However, the need to avoid the competitiveness disadvantage associated with this unilateral action mean that any such variance is likely to remain limited over the long-term. Indeed, this underlies the need for effective action at a European level. If, however, the variance becomes large between the carbon price floor and the ETS price it is likely that the impact will be a redistribution of CO2 emissions across the EU and an increase in the overall cost of CO2 abatement. Effectively, the UK would subsidise higher fossil fuel emissions elsewhere in Europe.
32. We believe that it is preferable to avoid double (or triple) regulation of large combustion plant to achieve CO2 reductions. Member States’ regulatory policy design should concentrate on the non traded sector activities.
How serious an impact have the recent cases of fraud had on confidence in the EU ETS? Are further improvements in security and auditing required?
33. Recent security incidents within the EU ETS underline the importance of robust and effective anti-fraud arrangements. While the recent events have obviously caused short term concerns, we do not think that (if fully and properly addressed) they will have had a lasting impact on participants’ confidence in the EU ETS. It is essential that improvements in transparency and oversight in the ETS are brought into play as soon as possible. The risk of receiving stolen EUAs remains present in the system.
34. We strongly support the need for further Registry security and consistency across the EU. In particular, we support the establishment of a Union Registry and we agree with the need for an annual security audit. As part of the reform process, the legal status of allowances needs to be clarified as does the title of transfer.
How can the EU ETS be strengthened to operate effectively in a world without legally binding emissions reduction obligations?
35. The EU ETS was designed to provide a stable framework to reduce emissions across the EU, in the most cost efficient way. Technically, the EU ETS does not rely upon a global legally binding system. The original rationale was based upon the Kyoto agreement, but its continuation is not contingent upon a successor arrangement.
36. The principal issue which may arise if the EU continues to reduce emissions but other countries do not follow – namely the risk of carbon leakage and damage to competitiveness – does not depend on the nature of the instrument being used. Indeed, to the extent that EU ETS enables the market to seek out the most cost effective measures, it will help to mitigate that risk.
37. Longer term certainty for the ETS can be sought in the design of the 2050 roadmap for greenhouse gas reductions. At an EU level, there is a need for reductions to meet a target of between 80 and 95% by 2050. It is presently understood that the EU ETS is an effective element of the actions needed to meet this objective. The associated "Energy Road Map" that will, amongst other things, set out the EU emissions reductions parameters for large combustion plant is due to be published in Autumn 2011.
38. Some improvements have already taken place such as introducing aviation and including other gases – however more needs to be done to strengthen the system; for example:
· Changes to the eligibility of CDMs/JIs – there is a need for more certainty on this
· Promoting opportunities for sectoral agreements
· Stronger regulation around registry security (revised Registry regulations will help this)
39. The system also has to develop flexibly to accommodate fledgling initiatives globally, but in a manner that retains EU competitiveness. Links to green bonds and REDD present new opportunities for the ETS. These international steps can be best pursued, however, within a UNFCCC context and in exchange for obligations from other nations.
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Comercio de emisiones
Preparations for the transition to the single registry of the EU Emissions Trading System have reached their final stages. Software testing is in progress and trial runs of essential aspects of the migration to the Union registry have started.
The Commission is working closely with the Member States and is committed to a smooth transition for registry account holders.
More information and the exact timetable, including the starting date for the suspension of access to registry accounts, will be communicated on this website during the second half of October.
Related contents
Common EU emissions registry to open in June
London, 27 April (Argus) — The EU's common emissions registry will open in June, the European Commission said today.
Full activation of the single registry includes the migration of more than 30,000 EU emissions trading scheme (ETS) accounts from national registries. Current registry system operations will be suspended two weeks before full activation, and during this time account holders will not be able to access allowances held in these accounts, the commission said.
Also, three weeks before the “two-week transition period” begins, account holders will be unable to open or close accounts. After the transition, there will be additional documentation requirements and security features that account holders will need to comply with in order to access the transferred accounts in the single registry.
“The European Commission is committed to a smooth transition for registry account holders and is working closely with the member states to achieve this,” the commission said.
The EU will release more information on the exact timetable, including start and end dates of the transition, on its website on 3 May.
The revised ETS directive that was adopted in 2009 provides for the centralisation of the ETS into a single EU registry. This single union registry will “ensure the accurate accounting of all emissions allowances issued under the EU ETS,” according to the commission. The EU partially activated its union registry in Janauary to allow airlines to open accounts.
European Union Emissions Trading Scheme (EU-ETS)
The Latest on EU-ETS Compliance: What NBAA Members Should Know
NBAA Flight Plan intervew with regulatory expert Adam Hartley
February 20, 2012
Even as protests continue against the European Union’s Emissions Trading Scheme (EU-ETS), implemented January 1, 2012, aviation operators outside the EU are starting to come to grips with the mechanics of compliance – an effort many U. S. operators are discovering is a major challenge.
В “The carbon registry requirements being pushed out by EU member states are accompanied by a lot of rhetoric and deadlines that are coming up very soon,” explained Adam Hartley, a regulatory services team supervisor at Universal Weather and Aviation. “It’s got operators kind of panicked.”
On one hand, Hartley said, operators already participating in the EU-ETS are trying to simply track their carbon emission histories as required under the program – a requirement that took many operators by surprise, but is an essential part of the process.
“Operators are wading into a completely new and foreign process of opening a carbon registry account,” Hartley continued.
Consider the carbon registry account like a bank account, with deposits and withdrawals. EU-ETS establishes a trading scheme for carbon credits: one metric ton of emitted greenhouse gas costs one credit. The concept forces companies to pay more for higher emissions through the purchase of credits in the market. Alternatively, they can invest in technology to reduce emissions or reduce the number applicable flights to, from, or within the EU in a Monitoring Year. In order to operate in Europe, flight operators must open carbon registry accounts, allowing them to bank the carbon credits they need to pay for offsetting their emissions.
The carbon markets established for applicable EU-ETS stationary installations are operational and are actively traded. The, European Union Aviation Allowances (EUAA), will be introduced to the market later in 2012 through free allowance distribution, an EU single auction platform, and individual Member State auction platforms.
The issue is made more complex by the fact that each EU country has a slightly different set of rules governing compliance. And yet, “this program grabs everybody,” Hartley said. “If you’re doing one applicable flight to the EU a year, then you’re captured by the system and must comply.”
In most cases, operators will have to supply some amount of confidential information to establish their registry accounts. That could include the names and signatures of each significant owner of the company, articles of incorporation, company charters, documents from the operator’s secretary of state office and more. Companies and their owners may even have to submit to a background check, Hartley said. Other items likely to be requested in the course of application for a carbon registry account include the names and passports of flight crew members, along with proof of residency. In many cases, documents will have to be notarized.
With this much vital company and personal information flowing into the hands of regulators in another country, Hartley acknowledged many U. S. operators are concerned about their privacy.
“They’re not making these documents public,” Hartley explained. “These documents are going to governments that limit their use of this information to very a very specific purpose. They’re things a Freedom of Information Act request couldn’t touch.”
For those operators still uncomfortable with the notion of sending such closely-guarded information to a foreign government, Hartley strongly urged a dialogue with host country officials. В В В В В В В В В В В В В В В В В В В В В В В В В В
The effort of actually gathering and certifying the information requested by the European Union can also be challenging for operators.
“Anybody who has resources within their own company needs to engage them. I’m talking about the legal department, human resources,” said Hartley. For those without such resources, he said that international service providers have information on how to comply with EU-ETS and how to set up a carbon trading account.
“Member states are very good at throwing complex requirements at you, but they don’t do a great job of explaining things in understandable terms. They get caught up in the legal language, which is off-putting and often times very scary. Indeed, there are deadlines for compliance but so far, the penalties for missing them have not been defined.
What if you miss a reporting deadline?
“I wouldn’t be overwhelmed with the thought of missing a deadline,” Hartley advised. “If you’re not going to be ready, reach out to your member state and let them know you are working towards compliance. Have that open conversation instead of panicking and feeling all alone.” In the end, he said, the EU wants compliance, not punishment.
There are more tools available from NBAA, aimed at helping Members make the best possible decisions regarding compliance. Review NBAA’s EU-ETS information.
Universal Weather and Aviation also has a web page devoted to EU-ETS compliance. which provides guidance for compliance with individual member states and reporting situations.
Helpful Links
NBAA EU-ETS Information NBAA’s Information on the European Union Emissions Trading Scheme.
The EU Emissions Trading System: Will mitigation touch our pockets?
José Ignacio García, SJ
Last week at the European Parliament, we lived through the latest skirmish of what is still, and will be, a long dispute over the European Union Emissions Trading System or the EU ETS. The EU ETS is the mechanism established to regulate the emissions of CO2 – one of the fruits of Kyoto Protocol – and is a constant source of frustration since its beginnings.
As explained in its website, the EU ETS “is a cornerstone of the European Union’s policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively. The first – and still by far the biggest – international system for trading greenhouse gas emission allowances, the EU ETS covers more than 11,000 power stations and industrial plants in 31 countries, as well as airlines.”
The controversial proposal wanted to support the European Commission’s plan to remove hundreds of millions of surplus carbon allowances (EU allowances or EUAs wherein 1 EUA equals 1 tonne of CO2 or its equivalent) from the market starting in 2021. The Committee on Industry, Research and Energy of the European Parliament dismissed the proposal. and now the expectation is for the Committee on Environment, Public Health and Food Safety to endorse by 2017, giving new impetus to the ETS. Although the ETS, also referred to as emissions trading scheme, itself is in very bad shape, let’s have a look at this policy instrument to mitigate climate change and that is based on the “cap-and-trade” principle.
This scheme sets a “cap,” a limit that is established as the total amount of certain greenhouse gases that may be emitted by factories, power plants, and other emitting installations. Companies receive emissions allowances that are limited by the cap, and these allowances then may be “traded,” which means sold or bought by one from another as needed.
At the end of each year, the scheme evaluates the volume of emissions effectively produced compared with the allowances held. If emissions are excessive, companies will be fined, but they may keep their spare allowances to cover future needs or they may simply sell in order to make some profit.
The total number of allowances is planned for reduction, and by 2020 these should be 21% lower than in 2005. This means that actual emissions should also be reduced. But some circumstances are obscuring the efficacy of this scheme, and questions are emerging.
First is the volume of the European cap. It was determined in 2005 to control emissions from factories and power stations accounting for 2 billion tonnes of CO2 annually, representing roughly half of Europe’s emissions. But the economic crisis that is shaking Europe caused the reduction of industrial activity and consequently of greenhouse gas emissions: in 2009 alone, emissions were reduced by 11.6% compared to 2008 because of the recession.
In an April 2011, Sandbag. a global climate think-tank in the UK, had a press release titled “Mountain of spare permits continues to grow in Europe’s emissions trading scheme” where the group stated that this situation meant that “savings” for future emissions continued to grow – at least 170 millions tonnes from 2009. The group said that this was equivalent to the annual carbon emissions of 39.5 million cars, based on average car emissions of 4.3 tonnes of CO2 per annum.
The surplus of carbon allowances is estimated to have a value of Euro 3.4 billion. And the surplus could continue to grow, limiting the future prospect of limiting emissions. Companies need to recognize sharper reductions in the “cap” to minimize the effects of these savings (linked to the recession) and permit the effectiveness of the system.
One unexpected difficulty in the EU ETS is its vulnerability. The 27 EU Member States run the System plus Iceland, Liechtenstein, and Norway, and last year’s turnover reached Euro 90 billion. The System suspended trading activities for some two weeks after being attacked by cyber-thieves in January 2011. The European Commission took this decision after emission allowances were stolen from an account in the Czech Republic. More than two million EUAs valued at around Euro 34 million were stolen from carbon registries in Austria, the Czech Republic, and Greece. Austria, which traced some of the stolen permits in Sweden and Liechtenstein, expected to recover 725,000 of them. The stolen certificates came from the registry’s reserve account and were not associated with any particular company.
Although the total amount of the permits stolen accounted for only 0.01% of the EU annual cap, the attacks damaged the reputation of the System, increasing criticism of the capacity to supervise its operations. The Commission demanded that national registries improve their security prior to discussing the proposal of creating a single registry for the whole of Europe, starting in 2017.
Not everybody agrees on using a trade scheme to control greenhouse emissions. If a big part of the problem – climate change – is due to the markets, can the market be the solution? The trust in the markets as “efficient” allocators of resources raises many doubts, as evidenced by what has happened. The price as the main signal of the markets is totally out of order in the ETS. With prices currently hovering at Euro 5 per tonne, this is below the Euro 20 or Euro 30 analysts believe is needed to be a real incentive for companies to move to less polluting technologies by allocating or selling the allowances to cover their emissions.
For countries such as Germany and the UK that are looking for zero-carbon generation both from nuclear and renewable power, it is necessary to reduce quickly the cap by removing the surplus of carbon allowances. This will raise the price, fulfilling the expectation that the scheme could become the desired efficient tool. But countries such as Poland, which is a high coal producer, do not want this happening before 2021.
In any case, the scheme has never proved to be efficient. Originally, it overestimated because the former Soviet countries received enormous quantities of allowances for a theoretically industrial power that was falling apart at the same time. Then the European crisis reduced emissions without a parallel reduction of allowances.
We will have to wait again until 2017 – or 2021- to see if the trade of emissions has any capacity to really limit and reduce the emissions. But the records are not very encouraging.
This story is updated from an earlier article that José Ignacio wrote in May 2011 for Europe-infos. the newsletter of the Commission of the Bishops’ Conferences of the EU and the Jesuit European Social Centre (formerly the Jesuit European Office).
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SW-2:EU Emissions Trading System (EU ETS)
Policy Description
The EU Emissions Trading System (EU ETS) is a cornerstone of the European Union's policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively. The EU-ETS officially began on January 1, 2005 and consists of a “warm-up” phase (phase I) from 2005-2007 and then successive five-year periods, with the second phase (phase II) from 2008-2012 set to coincide with the Kyoto compliance period. The EU ETS sets a cap on total direct GHG emissions for its participants (mostly energy generation and heavy industry in participating countries.
Descripción
The EU Emissions Trading System (EU ETS) is a cornerstone of the European Union's policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively [1]. The EU-ETS officially began on January 1, 2005 and consists of a “warm-up” phase (phase I) from 2005-2007 and then successive five-year periods, with the second phase (phase II) from 2008-2012 set to coincide with the Kyoto compliance period [2]. The EU ETS sets a cap on total direct GHG emissions for its participants (mostly energy generation and heavy industry in participating countries (*1)).
Phase I (2005-2008) and Phase II (2008-2012)
Individual participants currently (phase I and II) get a number of emission allowances for free and can buy additional allowances if they need more, assuming other participants have spare allowances to sell. The price of the allowances will influence participants' decision to invest in emission reduction measures or to buy allowances when they are faced with a shortage of allowances compared to their actual emissions.
Under phase I and II, each country determines the total amount of allowances available for its national participants, but allowances can be traded internationally (i. e. there is no national cap on emissions).
The EU ETS phase I and II covers CO 2 emissions from some 11,000 installations (see Target Group). Nitrous oxide emissions from certain processes are also covered. Between them, the installations in the scheme account for almost half of the EU's CO 2 emissions and 40% of its total greenhouse gas emissions.
Phase III (2017-2020)
The system for allocating emission allowances in the current phase of the EU ETS (phase III) has changed significantly compared to the two previous two phases (2005-2012). Emission allowances will be distributed according to fully harmonised and EU-wide rules, meaning that the same rules will apply across all EU Member States. A centralised EU-wide cap on emissions was introduced to ensure a more consistent approach across the EU, rather than country specific caps. The EU-wide cap is set at 2.04 billion tonnes of CO2 in 2017 and will reduce by 1.74% each year, delivering an overall reduction of 21% below 2005 levels by 2020 [10].
For the power sector, allowances are primarily auctioned meaning that the majority of allowances under the EU Emissions Trading System will not be allocated for free. Sectors that are considered to be at risk of carbon leakage will receive 100% of their allowances for free. Sectors that are not considered at rik of carbon leakage will receive 80% of their allocation for free in 2017, declining annually to 30% in 2020 and 0% (i. e. full auctioning) in 2027.
The scheme has been expanded in Phase III to include petrochemicals, ammonia, and aluminum sectors; nitrous oxide emissions from acid production; and PFC emissions from the aluminum sector. Aviation emissions were also included in 2012, both for flights within Europe and those flying in and out of Europe. However, due to strong opposition from other countries, inclusion of the latter emissions has been suspended. A decision is expected in late September 2017 [5]
A few of the final product benchmarks for post 2012 EU ETS are included in the list below. For the full list see [4]. Note that this is based on a carbon leakage status for these products for the year 2017 and 2017 and that the full definitions and included processes can be found in the full list [4].
· Coke: 0,286 allowances / tonne
· Hot metal: 1,328 allowances / tonne
· Aluminium: 1,514 allowances / tonne
· Grey cement clinker: 0,766 allowances / tonne
· White cement clinker: 0,987 allowances / tonne
Información sobre políticas Amplíe esta sección para obtener información sobre las características clave de la política, como su fecha de introducción, categorización, principal objetivo (s) y vínculos con otras políticas.
Policy Categorisation
Primary Objective: GHG Emissions
Objective
To limit the absolute amount of GHG emissions in Europe at lowest cost (through trading). The Europe-wide target for EU ETS participants (currently covering 40% of EU emissions) is to reduce CO2 emissions by 21% below 2005 levels by 2020.
Grupo objetivo
CO2 emissions from power stations and other combustion plants, aviation, oil refineries, coke ovens, iron and steel plants and factories making cement, glass, lime, bricks, ceramics, pulp, paper and board, petrochemicals, ammonia and aluminium and N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. The capture, transport and geological storage of all greenhouse gas emissions will also be covered.
Driver of energy consumption or emissions affected by policy: Total GHG emissions
Implementation Information Expand this section for information on targets, monitoring, verification and enforcement regimes, and implementation requirements and tools.
Coverage
Sweden’s carbon dioxide emissions in the ETS trading sector totaled 19.8 million tonnes in 2011 [4]
Quantitative Target? sí
Target: The cap for 2017 has been determined at 2,039,152,882 allowances and this cap will be decreased with 37,435,387 allowances each year (1,74%), until at least 2020. Target for the period 2017-2020 is therefore an annual reduction of approximately 37,4 Mt/yr for all EU ETS participating countries.
Time Period: 2017-2020
Progress Monitored? sí
Verification Required? sí
Enforced? sí
Sanctions: Penalty: €100/t CO2 not surrendered + make up shortfall. Payment of the penalty does not free the company from the obligation to surrender emission allowances for its excess emissions. Under the Directive, Member States have to ensure publication of the names of operators who are in breach of the requirement to surrender a sufficient number of allowances.
Requirements on the Target Group
Obtain permits for GHG emissions (subject to approved monitoring protocol). Emission allowances are accessed electronically via the Swedish Emissions Trading Registry, in which all participants must have an account to be able to register their transactions. The Swedish registry is known as the ETR and is linked to the CITL, which is the EU electronic registry [4].
Annual monitoring and reporting of emissions according to harmonised rules. Emission reports are submitted utsing the Swedish database E-CO2 and have to be verified by an independent accredited verifier. The Swedish Environmental Protection Agency examines the reports submitted [4].
Surrender each year enough allowances to cover the emissions of the previous year. The registry for trading emissions allowances (SUS) is maintained by the Swedish Energy Agency. The surrendering of allowances in SUS is monitored by and reported to the Swedish EPA. Both agencies are responsible for the web portal on ETS in Sweden: http://www. utslappshandel. se/
Emissions allowances allocated in Sweden are provided in the table below:
Support by Government
Implementation Toolbox
The following tools are provided to support implementation of EU ETS
Guiding document on EU-ETS 2017-2020
Example and electronic template for monitoring and reporting of emissions
Example template for tonne-kilometres
List of accepted verification bodies for verification in Sweden [4]
The registry for trading emissions allowances (SUS) web portal for the EU ETS in Sweden: http://www. utslappshandel. se/
Complexity of Implementation
Government
Complex for the period until 2017, National Allocation Plans (NAP) must be developed, BaU scenarios for a large variety of industry judged as well as potential improvement (information asymmetry (*3), competitiveness issues taken into account and made explicit, arrange new entrants reserves and auctions, etc.
Grupo objetivo
Develop explicit scenarios of production and emissions, develop benchmarks, take uncertain carbon price into account in investment decisions, participate in auctions and trading.
Impacts, Costs & Benefits Expand this section to find information on policy effectiveness and efficiency.
References & Footnotes
Referencias
[1 ] European Commission, Climate Action, European Union Emissions Trading System: http://ec. europa. eu/clima/policies/ets/index_en. htm
[2] Pew Center (2009). THE EUROPEAN UNION EMISSIONS TRADING SCHEME (EU-ETS) INSIGHTS AND OPPORTUNITIES, March 2009: http://www. pewclimate. org/docUploads/EU-ETS%20White%20Paper. pdf
[3] European Commission Decision of 27.4.2011: determining transitional Union-wide rules for the harmonized free allocation of emission allowances pursuant to Article 10a of Directive 2003/87/EC. http://eur-lex. europa. eu/LexUriServ/LexUriServ. do? uri=OJ:L:2011:130:0001:0045:EN:PDF
[4] Swedish Environmental Protection Agency (2012). The EU ETS in Sweden. Available at http://www. naturvardsverket. se/en/In-English/Start/Legislation-and-other-policy-instruments/Economic-instruments/The-EU-ETS-in-Sweden/
[5] European Commission (2011). Decision of 27.4.2011: determining transitional Union-wide rules for the harmonized free allocation of emission allowances pursuant to Article 10a of Directive 2003/87/EC. http://eur-lex. europa. eu/LexUriServ/LexUriServ. do? uri=OJ:L:2011:130:0001:0045:EN:PDF
Footnotes
(*1) Currently 27 EU Member States + Norway, Iceland and Liechtenstein
(*2) For industry and heating sectors, allowances will be allocated for free based on ambitious (greenhouse gas performance-based) benchmarks. Installations that meet the benchmarks (and thus are among the most efficient installations in the EU) will in principle receive all allowances they need. Installations that do not meet the benchmark will have a shortage of allowances and the option to either lower their emissions (e. g. through engaging in abatement) or to purchase additional allowances to cover their excess emissions.
(*3) Government will almost by definition have less information about current performance, remaining improvement potentials and associated costs and BaU developments than industry itself. This is called an 'information asymmetry' and can hinder well-informed decision-making on target stringency or allocation levels.
Other Useful Resources
The European Commission has an online database containing information about emissions, allocations and transfers for every installation in the EU. The database is updated regularly with information from each country’s national registry.
A fact-sheet on the background of the EU Emissions Trading Scheme provided by the EE Commission.
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EU warns emissions traders about registry requests
* Commission says European Climate Registry not part of ETS
* Commission may start legal action
LONDON, Dec 7 (Reuters) - The European Commission has warned participants in its emissions trading scheme (EU ETS) not to respond to requests for account registration information from a Brussels-based company, the Commission said on its website.
"We understand that operators have received requests for account registration information from a company called European Climate Registry," the EU Commission said in a statement.
"This company does not form part of the EU ETS registry system and registration with the European Climate Registry is not in any way a requirement under EU ETS legislation."
European Climate Registry did not respond to email request for comment.
Emissions registries administer carbon permits under the EU ETS, which caps the emissions of heavy industry like cement and steel companies and forces them to buy permits to cover excess emissions or sell them when emissions are reduced.
The Commission first warned participants about the European Climate Registry in 2009. Continued.
EU Emissions Trading System: trading allowances
Related Post
Each member state of the European Union (EU) has a national emissions trading registry for greenhouse gas allowances. These online databases are vital components of the EU Emissions Trading System (EU ETS) as they enable participants of the scheme to trade allowances.
If you operate an installation with EU ETS obligations, you must open an with the UK emissions trading registry. The registry also contains person holding accounts. Any individual or organisation can apply to open such an account.
The EU ETS Registry is managed by the Environment Agency in the UK. It records:
carbon dioxide allowance allocations for installations
annual verified emissions
movement of allowances and units between accounts, including allocations, transfers, surrender and cancellations
annual reconciliation of allowances and verified emissions
Accounts are available through online registration and are subject to a nominal fee, which covers the cost of security checks. You can find out how to apply for a UK registry account on the Environment Agency website – Opens in a new window .
You can buy or sell EU allowances in several ways:
trading directly with other businesses
buying or selling from intermediaries, eg banks and specialist traders
using the services of a broker
joining one of the several exchanges that list carbon allowance products
UK government or other EU member state auctions
Subastas
In Phase II of the EU ETS (the current phase), the UK government will auction 7 per cent of EU allowances. These competitive auctions are open to anyone who has an EU ETS Registry account. To place a competitive bid in an auction, you need to submit bids through an intermediary known as a Primary Participant who has direct access to the auctions.
The UK government is also holding non-competitive auctions, which are open to anyone with a greenhouse gas permit from any EU member state. In these auctions, participants can submit a bid for up to 10,000 allowances and will pay the clearing price from the competitive auctions.
You can also email the DECC EU ETS auctioning team at eu. ets@decc. gsi. gov. uk .
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An Introduction to the EU Emissions Trading Scheme
The EU Emissions Trading Scheme (ETS) is the longest running and largest emissions trading scheme currently in operation and according to the European Commission covers nearly half of the region’s greenhouse gas emissions over 31 countries. Launched in 2005, the EU ETS has been a leader in the development of market mechanisms to reduce greenhouse gas emissions.
How does the EU ETS work?
The scheme operates under the principle of a cap-and-trade scheme that works by placing a set level or limit, called a ‘cap’, on the total amount of greenhouse gas emissions that entities covered under the program can emit. Covered entities include power plants, factories and emitting entities. Over time this cap reduces.
For more information about how a cap-and-trade scheme works see our earlier blog here .
Within the cap, entities will receive or purchase emissions allowances, equivalent to the right to emit 1 tonne of greenhouse gas emissions each. The limit on the total amount of allowances that are available in the market ensures that they have a value. Entities can also buy limited amounts of international credits from emissions savings projects, which are often referred to as ‘offsets’ and are worth 1 tonne of greenhouse gas emissions that have been removed from the atmosphere through projects such as renewable energy production. These can be used to meet a proportion of their allowance obligations.
Annually, entities must surrender the number of allowances and offsets that match their emissions, otherwise they risk being fined. If the company has reduced its emissions levels and has spare allowances as a result, it can hold onto them in order to cover the following year’s emissions or it can sell them to another entity that requires extra allowances to meet its obligations under the program. This leads to trading between the various entities involved in the program, with supply and demand forces determining the price of the allowances and offsets.
How does it cost effectively reduce emissions?
Through this system, the EU ETS provides a financial incentive to cut emissions. Entities that find it cheaper to take emissions-reducing action within their operations than purchasing allowances will do so. As a result more emissions are cut where it is most cost effective to do so. It also provides covered entities with flexibility in how they meet their regulatory requirements.
What is actually traded?
The allowances and offsets that are traded within the EU ETS program have specific names and acronyms that are outlined below;
European Union Allowances (EUAs) – EUAs are the name given to the allowances in the EU ETS program and give the holder the right to emit the equivalent of 1 tonne of greenhouse gas emissions.
Certified Emissions Reductions (CERs) – CERs are tradable units that represent 1 tonne of greenhouse gas emissions that have been removed from the atmosphere through reduction projects under the United Nations Framework Convention on Climate Change (UNFCCC). These projects come under the Clean Development Mechanism (CDM), an international offset mechanism setup under the Kyoto Protocol.
Emissions Reduction Units (ERUs) – ERUs are another form of offset which entities can use for a proportion of their compliance obligation. They come under the UNFCCC Joint Implementation framework established under the Kyoto protocol.
More details regarding the ERUs and CERs can be found on the UNFCCC Website .
How are the products traded?
The Union Registry allows for the accurate accounting of all the allowances issued under the program and keeps track of the ownership of these allowances. The European Union Transaction Log (EUTL) automatically checks, records and authorises all the transactions that take place between accounts in the Union Registry. Having a centralised body has ensured improved security within the EU ETS program.
Trading occurs through Over-the-Counter (‘OTC’) trades where two parties contractually agree to trade allowances or offsets for money or through exchange trading. Derivative trading with futures has also been a key factor of the EU program. A futures contract is used by parties to transact a set of commodities for future delivery at a particular price, resulting in the creation of an obligation to settle. Futures contracts are traded on approved exchanges.
The future of the program
The growth and development of the EU ETS has provided a strong foundational understanding of the most effective means of introducing a market mechanism to reduce emissions. Since its introduction other countries and regions have been inspired to launch their own schemes and take action to price emissions. As the program continues to grow and expand, the EU has stated its intent on linking its ETS with compatible systems globally that allows the movement towards an international carbon market.
28 countries, 12,000 power plants and factories
The EU Emissions Trading Scheme (EU ETS) started in 2005, and is the largest cap-and-trade scheme in the world. It covers all EU countries with around 12,000 installations.
The EU ETS Database provides the following information on all EU ETS installations:
contact details (address, email, phone number)
Sector de actividad
titular de la cuenta
account status
number of freely allocated allowances for the whole period 2005-2020
verified emissions and compliance status for the period 2005-2020
Number of CERs and ERUs surrendered for compliance from 2008 to 2012
Surrendered units information: type of unit (EUA, CER, ERU), originating registry, unit serial block ID, project identifier (for CERs and ERUs) with link to the CDM-JI Project Database
powerful analytic tools that provide you with strategic information such as the real emissions-to-cap figures calculated by installation, sector, city or country
The EU ETS Database also provides the following information:
pre-allocated allowances per country
allowance reserves per country
Allowance reserves include EUAs available for auctioning by Member States, as well as new entrant reserves and other special reserves (e. g. CHP reserves).
For subscribers to the Expert version
Word and Excel Report Generator . All the information from the database is available for download in Word, Excel or PNG (charts) format only to Expert version subscribers. Phone number and email address data of EU ETS contacts are also available only in the Expert version of the EU ETS Database. For more information on how to subscribe to the Expert version, please contact us by email at info@carbonmarketdata. com.
Mapping Tool
The EU ETS Mapping Tool enables you:
to navigate geographically through all countries, regions and administrative areas in Europe
to identify the power plants and factories located in specific areas
to view the distribution of carbon emissions and allowances across Europe
Functionalities
Browse functionality
You can navigate through the database in a very user-friendly way, at the level you want: all countries, country, sector, installation. At each level, all figures are automatically calculated: number of installations, distributed allowances, verified emissions and emissions-to-caps.
Search the database
You can easily access the information you need by using different filtering options (country, sector, number of allowances, emissions-to-caps, etc).
Dynamic graph edition
This functionality enables you - throughout the database - to edit a graph with the information you selected, in just a click.
Emissions-to-caps
The tool displays - in tables and charts - all emissions-to-caps calculated by country, sector and installation.
Installations details
You can access all the information on each installation: name of account holder, sector of activity, number of distributed allowances and verified emissions, emissions-to-cap figures, and all the contact details (of the account holder and installation 's representatives).
Information on sectors
You can view and compare information per sector very easily. The database can be used as a benchmarking tool to compare for instance a particular sector's performance across all EU countries.
Cap compliance statistics
For any selected sector or country, you can view the number of installations that emitted above and under their emissions cap.
Mapping Tool
The EU ETS Mapping Tool enables you:
- to navigate geographically through all countries, regions and administrative areas of Europe, - to identify the power plants and factories located in specific areas, - to view the distribution of carbon emissions and allowances across Europe.
Report Generator (Expert version only)
When you subscribe to the Expert version, you can download all the information you want and integrate it into your reports and spreadsheets. To make things easier for you, we developed a reporting tool that enables you to download nice tables and graphs directly into Word or Excel documents.
EU Emissions Trading Scheme - Phase III
Greenhouse gas coverage . carbon dioxide (CO2), nitrous oxide (N2O) and perfluorocarbons (PFCs)
List of EU ETS Sectors - Phase III
Commissioner Dimas presents EU Emissions Trading Scheme and pledges financial support for UNFCCC Registry System
Summary: December 15, 2004: Commissioner Dimas presents EU Emissions Trading Scheme for the first time to a global audience and pledges financial support for UNFCCC Registry System (Buenos Aires, Brussels)
Speaking to ministers from around the world at the annual UN Climate Change Conference in Buenos Aires, European Commissioner Stavros Dimas presented the EU Emissions Trading System for the first time to a global audience. Kicking off in 16 days, the EU Trading Scheme will be the first international emissions trading system in the world. Dimas also announced that the European Commission will provide an additional €300,000 in funding for the development of the UNFCCC Registry System, and donate software valued at €560,000. The EU is the biggest sponsor of activities under the 1992 UN Framework Convention on Climate Change and its Kyoto Protocol. Starting next year, it will also assist developing countries with annually €369 million in addressing climate change.
“ We do what we preach ” said Commissioner Dimas, responsible for the environment. “ Committed to the Kyoto targets, the EU is not only launching its emissions trading system in January, but is also providing additional financial resources towards an international sytem of trading. “
“ This is another sign of the EU’s commitment to multilateral efforts, ” added the Commissioner. “ Climate change requires a global response, and the EU is doing its share of advancing this response. ”
Commissioner Dimas also underlined that the EU Emissions Trading System allows for the use of Kyoto’s flexible mechanisms “Clean Development Mechanism” and “Joint Implementation”. These mechanisms transfer advanced technologies to developing countries and other industrialised nations. The EU Registry System is tied to the Registry System that is being developed under the auspices of the Secretariat of the UN Framework Convention on Climate Change, thus making it compatible with international standards.
The EU Emissions Trading Scheme will cover more than 12,000 plants across the EUВґs 25 Member States, which are responsible for roughly half of the EUВґs CO2 emissions. EU governments have set limits on how much CO2 the installations covered by the EU Emissions Trading Scheme are allowed to emit during a first trading period running from 2005 to 2007 by allocating emission allowances to them. Companies that stay below their emission limits, for example by investing in climate-friendly technologies, will have surplus allowances to sell to other companies that have difficulties to stay within the allocated amount of allowances. This will make sure that emissions are reduced where it is cheapest and foster the uptake of environmental technologies.
Today at 16.30 (Buenos Aires time), Commissioner Dimas will present a video on the EU Emissions Trading Scheme to journalists and answer questions (Room Algarrobo).
The European Commission is the EU’s executive organ and the body tasked to initiate and draft legislation for the EU. The legislation must then be adopted by the Council of 25 EU Ministers and the directly elected European Parliament.
European Emission Trading System EU - ETS
This page was generated following the discussions at the MBA in Strategic Carbon Management in London on 11 th /12 th November 2011
It has initially been set up with no commentary but to provide access to many of the numerous relevant links which have a habit of having URL references changed etc. Copies of relevant documents as they existed in November 2011 were copied for future reference.
This was the World’s first Economy Wide Trading system and ran from 2002 – 2006. Since that time it has been closed to new participants although existing members can still participate through the modified Climate Change Agreement. For a good overview and critique of the UK-ETS – click here.
A very, very brief summary which will be updated in the future
The European Emission Trading System has moved through three Phases
· Phase 1 - 2005 to 2007
· Phase 2 - 2008 – 2012
· Phase 3 - 2017 – 2020
In the first two phases each member state of the EU was required to produce a National Allocation Plan (NAP) for allowances for carbon dioxide emissions which was consistent with that country’s commitment to Kyoto. These NAPs then had to be approved by the EU Commission and several had to be modified subsequently. There was a Threshold level above which any organisation within a member Country had to comply with the requirement to obtain sufficient emission allowances to cover its operation. These allocations could come from 1) a free allocation. 2 ) an auctioning, 3) trading within the EU-ETS. Those organisation which have a surplus of allowances as they became more energy efficient can sell these within EU-ETS where they can be purchased by organisations who have a shortfall. The price of allowances on EU-ETS varied significantly in Phase 1 reaching over 32 Euros a tonne in April 2006 before collapsing to 2 Eurocents a tonne at the end of Phase 1. In Phase 2, the prices have not been as volatile, but nevertheless have seen a high of around 25 Euros a tonne just before the recession hit to a low of around 9 Euros a tonne.
Phase 1 Documentation
o Annexe A: Essentially giving requirements on Member States for their NAPs
o Annexe B: Methodology used by UK in Calculating Sector Total
o Annexe C: New Entrants to EU-ETS and organisations with plant that close
o Annexe D: Estimated carbon savings from Climate Change Programmes including Climate Change Agreements and UK-ETS
o Annexe E: Updated UK Energy Projections
o Annexe F: Allocation Methodology Rules
· EU Commission approval of National Allocation Plans for Austria, Denmark, German, Ireland, The Netherlands, Slovenia, Sweden, and the United Kingdom
· Selected National Allocation Plans
Note: Countries were encouraged to submit NAPS both in their National Language and in English. Some did this but many did not.
o The following are NAPs which are available in English –
For some Countries NAPs are no longer accessible
Phase 2 Documentation
o Appendix A: Annexe III of the EU Directive
o Appendix B: Methodology for Calculating Sector Totals
o Appendix C: Allocation Methodology Rules
o Appendix D: New Entrants and Closure of Plants
o Appendix D1: Speadsheet to be used for benchmark assessments for New Entrants
o Appendix E: EU Spreadsheet Data to allow comparability checks
o Appendix F: Amendment for the UK to unilaterally OPT IN Nitrous Oxide emissions from Nitric Acid Production from April 1 st 2011 onwards – see further documentation below
o Annexe 1: Final Installation Level Allocations
· EU Commission Assessment of National Allocation Plans for German, Greece, Ireland, Latvia, Lithuania, Luxembourg, Malta, Slovakia, Sweden and the United Kingdom – 29 th November 2006
· The national registries which record the emissions and compliance
Each EU Member State plus Norway, Iceland and Liechtenstein has a national ETS registry. These registries are online databases that record:
· National plan indicating the allowances assigned to each Member State
· Accounts (held by a company or a physical person) to which those allowances have been allocated
· Transfers of allowances ("transactions") performed by the account holders
· Annual verified CO 2 emissions from installations
· Annual reconciliation of allowances and verified emissions, where each company must have surrendered enough allowances to cover all its emissions.
The EU ETS registries also provide access to a number of public information and reports on the participants and the performance of the trading scheme.
To participate in the EU Emissions Trading System (EU ETS), a company or a physical person must open an account in one of the registries, by applying online at the registry website of the relevant Member State.
Note: following amendments to EU-ETS in 2009, a single unified Registry is being developed which will come live sometime in 2012 before the start of Phase III.
· National Allocation Plans for other Countries in National Language together with Commission’s Decision – Note this is an External Link
· Nitrous Oxide Mitigation
EU Member States may Unilaterally OPT IN to include Nitrous Oxide Emissions from Nitric Acid production into EU-ETS. This is particularly significant as Nitrous Oxide has a very high Green House Gas Potential compared to CO 2 . The UK is one Country that has opted-in before it becomes Mandatory and the following documentation is relevant.
EU at the UN
The EU's commitment to effective multilateralism, with the UN at its core, is a central element of its external action. As a UN observer with enhanced status, the EU delegation coordinates with its 28 Member States to speak with one voice. The EU also works closely with the UN secretariat and its agencies, funds & programmes, partnering on a range of global issues and challenges.
EU in NY
Learn more about academic programs and think-tank events, arts festivals and cultural activities.
Emissions Trading: EU Commission to connect EU with UN carbon credit registry
Summary: 6 August 2008, Brussels – The European Commission, Member States and the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat have successfully completed all the testing required for connecting to the UN's international carbon credit registry. The EU's Community Independent Transaction Log (CITL) and Member State registries will be connected to the UN's International Transaction Log (ITL) before December 2008 at the latest. The link will mean carbon credits issued under the Clean Development Mechanism can be transferred to the registries of EU Member States.
Environment Commissioner Stavros Dimas said: "I welcome the successful outcome of the testing phase. This now paves the way for the transfer of credits from the Clean Development Mechanism into the EU registry system. Linking up with the UN's carbon credit registry will further strengthen Europe's leading role in the global carbon market."
Two systems working together
The EU's Community Independent Transaction Log (CITL) and the UN's International Transaction Log (ITL) are electronic accounting systems which keep track of emission allowances or carbon credits of companies participating in the carbon market. The CITL, which has been operational since 2005, is the central registry for tracking ownership of allowances in the EU Emissions Trading System (EU ETS). The International Transaction Log (ITL) keeps track of various types of UN credits from countries that have signed up to the Kyoto Protocol.
The linking of the two systems will enable companies to transfer certified emission reductions (CERs) issued under the Clean Development Mechanism into their accounts in Member State registries. The Clean Development Mechanism (CDM) allows countries with an emission reduction commitment under the Kyoto Protocol to implement an emission reduction project in developing countries. These projects earn saleable certified emission reduction (CER) credits, each equivalent to one tonne of CO2, which can be counted towards meeting Kyoto targets. As CERs can be used to offset emissions under the EU ETS, the link is crucial to ensure that operators have access to an adequate supply of carbon credits.
The two systems will control and track transactions jointly. Currently, each Member State registry is connected to the CITL. After the ITL and CITL are connected, each Member State registry will be connected to the ITL only and each transaction involving an EU Member State will be passed on to the CITL for recording and additional checks.
Testing successfully completed
The European Commission, Member States and the UNFCCC Secretariat have carried out two rehearsals to test technical procedures. The first test-run, which took place from 15 to 30 May, involved five Member States. The second rehearsal, from 18 July to 4 August involved all Member States, as well as non-EU registries in Russia, Japan and New Zealand. These tests have now been successfully completed.
The Commission is currently working with the UNFCCC Secretariat to fix the precise date for the official connection, which will be announced shortly. During the connection procedure, the Commission and Member States will suspend all registry operations for a maximum period of seven calendar days.
Cooperative audit on emissions trading systems
20 December 2012 06:55
NIK confirms that the Polish emissions management system works well and that Poland meets its international commitments on reducing CO2 emission. The European Union Emissions Trading System (EU ETS) has been successfully implemented in seven European countries covered by the cooperative audit. They are very likely to meet the emissions reduction targets imposed by international regulations by the end of 2012. Yet, effectiveness of the system is questionable as it does not provide sufficient incentives for some countries to long-term reduction of emissions. Besides, cross-border trade in CO2 emission allowances poses a risk of VAT frauds and a comprehensive solution is not yet in place.
The Kyoto Protocol [1] is an international agreement on reducing greenhouse gas (GHG) emissions. The EU has within the framework of the Kyoto Protocol established an Emissions Trading System (EU ETS) [2] as a key policy instrument to mitigate greenhouse gases emissions.
Verification of effectiveness and reliability of the system was the key aim of the cooperative audit on emissions trading. The audit was carried out in 2012 and involved Supreme Audit Institutions (SAIs) of seven countries: Denmark, Finland, Latvia, Lithuania, Norway, Poland and Sweden.
The EU ETS was successfully implemented in all seven countries. National registries worked properly, facilitating trade in allowances via special accounts in online databases. Phishing attempts were identified in Denmark, Norway and Poland but the operators of national registries, remarkably in Poland, managed to prevent fraudsters from gaining access to confidential data. In July 2012, a single registry at the EU level was set up with the aim of further strengthening the data security.
The joint audit also dealt with implementation and operation of other Kyoto instruments designed to reduce GHG emissions, namely the Clean Development Mechanism (CDM) and Joint Implementation (JI). National audits identified some problems related to the administration of CDM and JI projects. They pointed to a lack of government control and transparency in the procedures for buying allowances. According to the cooperative audit recommendations, CDM procedures should be simplified and more emphasis should be laid on risk analysis so as to identify and eliminate potential problems at an early stage.
Another problem is that cross-border trade in CO2 emission allowances is exposed to a risk of VAT fraud. Such cross-border VAT frauds were detected in the course of national audits in Denmark and Norway. From 2005 to 2009, in Denmark there could be as many as 100,000 fraudulent transactions per day. According to the Danish tax authorities, the VAT loss to the Danish treasury totalled EUR 200,000. But the audit indicated the loss could be greater. 14 EU Member States stated that they suspect VAT fraud of as much as EUR 200 million through the Danish registry. Between December 2009 and February 2010, the VAT fraud identified in Norway caused a loss to the state of about EUR 990 million. In order to reduce the risk of fraud in the future, the VAT system in Denmark, Norway, Finland and Sweden has been changed to reverse charge. In the new tax system it is a single entity (the buyer) that is obliged to pay and then deduct the VAT. Both in Denmark and Norway international cooperation is now strengthened to boost effectiveness of prevention and detection of VAT frauds in the future. However, a fully-fledged solution to prevent VAT frauds is not yet in place.
The cooperative audit findings point out that by the end of 2012 all seven countries are likely to meet the emissions reduction targets specified in the Kyoto Protocol and the EU Burden Sharing Agreement [3]. Yet, there is no evidence that the reduced emissions can be attributed to the effectiveness of the EU ETS. Many experts believe that this may as well be a consequence of the financial crisis which led to lower demand for allowances. The reduced demand caused reduction of allowance prices and therefore provided little incentive to limit emissions.
[1 ] Kyoto Protocol entered into force on 16 February 2005 and is a supplement to the United Nations Framework Convention on Climate Change on global warming prevention.
[2 ] European Union Emissions Trading System (EU ETS) is an element of the climate policy. It is supposed to support the countries being its participants in applying the Kyoto Protocol provisions and help them to limit costs related to emissions reduction.
[3 ] A political agreement of 1998 on dividing the burden related to greenhouse gas emissions reduction unequally amongst member states, taking into account their individual conditions, including emissions levels, the possibility of reducing them, and economic development.
Files:
Emissions registry reputation wavering
A large number of pollution permit futures are about to come on to the market, but if there are doubts about the veracity of emissions trading certificates being traded as a result of recent thefts, the system could grind to a halt, says Keith Nuthall
When the offices of the Czech Republic's registry for the European Union Emissions Trading System (EU ETS) received a fake bomb threat on 18 January, it was an annoying interruption for some Prague office workers. However, when they returned to their desks, they realised another kind of bomb had gone off in their computer terminals: cyber-criminals had taken advantage of their absence to hack and steal 475,000 electronic certificates representing permits to pollute. It was one of a string of thefts of emissions trading certificates, which also occurred in Poland, Greece, Estonia and Austria in December and January - exposing IT security weaknesses and undermining confidence in the whole system. Simone Ruiz, European policy director for the International Emissions Trading Association, wants swift action to restore confidence, given that these stolen permits were immediately resold on spot markets - meaning legitimate buyers have bought hot permits. "There will have to be a way of validating these allowances or compensating people for these stolen allowances," she tells Utility Week.
Deadline looming There is a market deadline looming. This month, a large number of pollution permit futures will be released on to the market, and if there are doubts about the veracity of certificates being traded, the system could grind to a halt. "It's a lemon market in the Common Market," notes Ruiz, acidly. To be fair, the European Commission has not been idle. After the Czech incident, it blocked spot trading and permits being moved between accounts, while continuing to allow the purchase and sale of carbon futures. Spot trading started to be restored from 4 February, after national registries demonstrated to the Commission that they had sufficient security safeguards to at least try to prevent the future electronic theft and sale of emissions permits - although it has refused to issue details of these pledges. In addition, the Commission has since proposed reviews and updates of registry security plans; strengthening policies concerning the opening accounts with national emissions registries; information exchanges between member states regarding suspicious requests to open accounts; better training for registry users; and more use of reverse charge VAT mechanisms to fight trading permits VAT fraud. But Ruiz says she considers the Commission's proposals so far as insufficient because they do not cover how to deal with the stolen permits. With some registries - such as the Czech Republic's - releasing their serial numbers, the market was starting to police itself without EU intervention, she notes. She warns if this happens across the EU without a compensation package, it could cause "serious consequences" for the market. "I hope they act fast enough," says Ruiz. The EU's climate change committee (the key body controlling the EU ETS) was due to meet on Wednesday this week to discuss the problem. Should the EU declare that companies losing certificates (or those buying stolen certificates) be compensated, and then reveal their serial numbers and declare these permits invalid? It would appear to be a solution, but there has not even been agreement on whether to release all the numbers of the stolen certificates.
Conflicting laws Part of the problem is conflicts between member states' criminal laws. If a company knows it bought some stolen permits and trades them in Britain, it could be charged with money laundering offences. Not so in Germany - there, the government has said these permits are still valid for trading, even though they were stolen and fenced, says Ruiz. Banks were already starting to demand guarantees that permits held by companies were legitimate. "It's very hard to show that everything is 100 per cent clean," she notes. Ruiz adds: "It's a young market. The idea was to get the market going without spending a lot of time on security systems. It's easy prey to get into these markets. Your grandmother could open one of these accounts. There is no certification." The idea was, she says, to encourage intermediaries to trade on the markets, offering packages of emissions permits to small and medium-sized businesses. However, these traders are not necessarily subject to financial regulators in all member states. Changes were already in the pipeline through a new emissions trading regulation, which came into force in October. This increased the checks registries have to make, so that they require two forms of identification (an SMS message, an email, the use of an electronic token, etc). However, full-scale know-your-customer requirements for registries, such as those routinely used by banks to comply with anti-money laundering rules, will not come into force until 2012. Of course, some registries have been undertaking their due diligence in any case, says Ruiz, but there are 27 - one for each member state - and "you are only as strong as the weakest link in the chain" and some registries are understaffed and under-skilled, she points out.
Single registry Looking ahead, there are plans to operate a single EU-wide registry for EU emissions allowances from 1 January 2012, with national registries handling only Kyoto Protocol offset credit units, although Ruiz predicts this timetable could slip into summer 2012. Meanwhile, those weaker national registries need to undertake some cyber-security ABC, says Nigel Strutt, senior consultant for telecommunications analyst Analysys Mason. "You assess what risks are there and on the basis of that risk, select mechanisms and protections for implementation. It's not rocket science."
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Bulgaria will be suspended from carbon emissions trading under the Kyoto Protocol as a result of poor transparency and untrustworthiness, the country's environment minister said on 13 May. The decision represents a heavy blow for the government in Sofia, which expected to receive €250m in revenue from the scheme this year, according to Dnevnik, EurActiv's partner publication in Bulgaria.
Bulgaria will be suspended from the scheme as of 30 June if a United Nations' committee revokes its accreditation under the treaty. A formal decision is expected by the end of June. Environment Minister Nona Karadzhova said there was no chance of any reversal.
The suspension, which is expected to last until at least November, comes after UN checks had shown that Bulgaria's national system for recording greenhouse gas emissions, which is key for ensuring compliance under Kyoto, was not transparent and trustworthy, Karadzhova explained.
She said the ban would prevent Bulgarian companies from trading on greenhouse gas emission schemes under Kyoto, and would also affect their participation in the European Union's emissions trading scheme (EU-ETS).
"The UN Convention report is devastating. We are likely to lose our accreditation as of 30 June, due to the criminal inaction of the previous government," Karadzhova said.
Over 130 Bulgarian companies, which waited for over two years to begin trading under the ETS, will now only be able to sell their free quotas until 30 June. The government will most likely not receive a single euro of the so-called Assigned Amount Units (AAUs) that it has accumulated, Dnevnik writes.
The news comes as a heavy blow for the Bulgarian government, which had earmarked €500m of such revenue for financing anti-crisis measures.
Just one person responsible for supervision
Foreign experts revealed that just one person, who works in the environment agency, deals with the country's yearly reports. The young female employee reportedly could not maintain consistency in the information included in the reports.
"It's a young woman. She had worked well, but in fact she was on maternity leave during the [foreign experts'] check and we had to call her to come to the office," Karadzhova said.
Her predecessor Dzhevdet Chakarov, now a member of parliament, responded to accusations of negligence by the previous government by saying that throughout his term, nobody had questioned the consistency of the reports.
Bulgaria's suspension from CO2 trading is the "merit" of the current government, he said.
Small impact on EU carbon market
A European Commission spokeswoman said the suspension would have only a limited effect on Bulgaria's participation in the EU emissions trading scheme.
"The suspension would not extend to trade in [EU carbon] allowances, but would temporarily prevent the delivery of allowances," the spokeswoman said in an email, quoted by Reuters.
"In the short-term, the only effect would be that allowances could not be moved into and out of the Bulgarian [emissions] registry, which would hamper spot trading in allowances for Bulgarian companies, as allowances could not be delivered until the suspension is lifted."
Spot trading in EU permits and Bulgaria's share of permits both only account for a small proportion of the total EU carbon market.
"It could impact day-to-day volatility but I don't think it will have a significant effect on prices," said Trevor Sikorski, director of carbon research at Barclays Capital.
Spot EU carbon prices on French exchange BlueNext were unchanged at 15.50 euros a tonne by 14:45 GMT on Thursday (13 May).
Fondo
Since 2005, some 10,000 large industrial plants in the EU have been required to buy and sell permits to release carbon dioxide into the atmosphere. A so-called 'emissions trading scheme' enables companies that exceed individual CO2 emissions targets to buy allowances from 'greener' ones to help reach the EU's targets under the Kyoto Protocol (see EurActiv Links Dossier on the EU's emissions trading scheme).
An emission cap is defined, for each individual plant, via a National Allocation Plan (NAP) submitted by member states and approved by the European Commission. Companies that exceed their quotas are allowed to buy unused credits from those that are better at cutting their emissions.
Further Reading
Press articles
DEHSt - Legislation
Legislación
International Basis
Emissions Trading in the European Union started on 01/01/2005. It is not a detached system but an approach within the international efforts regarding global climate protection.
The Kyoto Protocol was adopted in 1997 at the Member State Conference in Kyoto and is an additional protocol to the United Nations Climate Framework Convention on Climate Change (UNFCCC). The Kyoto Protocol entered into force on 16/02/2005 and is the basis of the European Emissions Trading System (EU ETS). A total of 190 countries participate in the Kyoto Protocol, the stipulated reduction commitments are binding under international law for each of the 37 industrialised countries. The first commitment period (2008-2012) was followed by the second commitment period on 01/01/2017. The size of the reduction targets for this second period is currently being internationally negotiated.
The commitments apply to the following seven greenhouse gases:
Carbon dioxide (CO2)
Methane (CH4)
Nitrous oxide/Laughing gas (N2O)
Hydrofluorocarbons (HFCs)
Perfluorocarbons (PFCs)
Sulphur hexafluoride (SF6)
Nitrogen trifluoride (NF3) (from 2017)
Various Instruments
The Kyoto Protocol describes several instruments for the reduction of these greenhouse gases in industrialised countries. Lowering the domestic emissions is a priority. Additionally, there are the so-called Flexible Mechanisms which can be used by countries as well as companies and individuals to comply with the country’s commitments.
Joint Implementation (JI)
Clean Development Mechanism (CDM)
International Emissions Trading between states
The international trade with emission allowances is an essential instrument for industrialised nations to meet their commitments as set out in the Climate Framework Convention and the Kyoto Protocol. Kyoto Emissions Trading takes place at the national level with the basic idea of creating a flexible “cap and trade” scheme, which works as follows: each industrialised country is assigned a specified amount of allowances (Assigned Amount Units, AAUs). The number of these allowances defines the quantity of greenhouse gas emissions – thus, they entitle the respective country to emit a specified and limited quantity of greenhouse gases. If the actual emissions exceed the limit (the cap), governments have a choice. They can either take action in their own country to reduce emissions (such as setting incentives for technological innovation), or they can buy additional allowances from other industrialised countries. Allowances (AAUs) become available if a country does not use up its emission budget and sells its surplus allowances. The result is an inter-state market for emission allowances. Further emission allowances can be earned by participating in the project-based, flexible mechanisms JI and CDM.
The European Emissions Trading System
The original proposition of emissions trading was to provide an additional instrument for industrial nations participating in the Kyoto Protocol to fulfil their national emission reduction commitments. In the Kyoto Protocol, the European Union committed itself to collectively lower emissions.
Burden Sharing
The then 15 European Member States made a commitment to reduce their emissions by 8 percent by 2012 based on the 1990 emissions (baseline emissions). In the so-called European Burden Sharing agreement, an individual reduction target was assigned to every Member State. Germany committed itself to reduce greenhouse gas emissions by 21 percent. The commitment within the Burden Sharing was based on the 2008-2012 emissions.
In 2009, the European Union specified further reduction targets for their Member States with Decision No. 406/2009/EC (so-called Effort Sharing Decision). Germany committed itself to a further reduction of 14 percent (based on the 2005-2020 emissions).
Company Level
To meet the agreed commitments, the European Union implemented the European Emissions Trading System (EU ETS) at company level. Participating companies now also receive a specified quantity of allowances once a year which they can sell or purchase i. e. trade them according to their emission status.
The Emissions Trading Directive (2003/87/EC) of 2003 constitutes the legal basis for this system. Furthermore, the so-called Linking Directive legally linked the Kyoto Protocol with the European Emissions Trading System. In this Directive, European Emissions Trading is linked with the Flexible Mechanisms of the Kyoto Protocol JI and CDM. Thus the companies in the European Member States can also use these instruments to acquire additional allowances abroad and with them partly fulfil their annual surrender obligation.
Since 01/01/2012, international air transport has also been part of the European Emissions Trading System. This was decided by the Directive 2008/101/EC, which amended the Emissions Trading Directive.
Registry System
The technical basis of the European Emissions Trading System (EU ETS) is a Europe-wide, electronic registry system, the so-called Union Registry. It is legally based on the EU Registry Regulation. This regulation contains essential requirements for the technical design of the Registry’s software as well as rules for reporting duties, account types, transaction types and security aspects. In the end, the Registry serves as a proof of compliance of the European and national reduction commitments according to the Kyoto Protocol.
Monitoring
One of the most important prerequisites for a working Emission Trading System is that all greenhouse gas emissions are reported and monitored according to the legal basis (in Europe the Emissions Trading Directive). There are several requirements in Europe for monitoring and reporting, which were defined by the so-called Monitoring and Reporting Guidelines in the first two trading periods and by the Monitoring and Accreditation and Verification Regulation in the third trading period.
Legal Implementation in Germany
The European Union’s legal requirements are implemented by the respective national laws and regulations of the European Member States.
The German Greenhouse Gas Emission Allowance Trading Act (TEHG) implements the Emissions Trading Directive in Germany. The TEHG is the national legal basis for the German participation in the European Emissions Trading Scheme together with other German statutory provisions of 2004.
The Linking Directive was implemented in Germany by the Project Mechanisms Act (ProMechG). On the basis of this law the companies subject to emissions trading in Germany can use the project-based mechanisms as instruments to reduce their reduction obligations and engage in JI and CDM projects. Furthermore, this law allows JI projects to be carried out in Germany
During the first two trading periods (2005-2007 and 2008-2012), the National Allocation Plan (NAP), the Allocation Act (ZuG) and the Allocation Regulation (ZuV) specified the quantity of emission allowances allocated to the companies subject to emissions trading in Germany as well as the respective rules of allocation.
The NAP as a macroeconomic plan, compiled by the individual Member States, defined the distribution of emission allowances at a national level, therefore, this plan was an essential basis for the actual allocation. The German Federal Government’s NAP was not an independent legislative provision but had to be approved by the European Commission. Afterwards, ZuG and ZuV implemented the approved plan legally.
The Third Trading Period 2017-2020
The third trading period started on 01/01/2017. It brought several changes in the structure of the European Emissions Trading System. The European Commission’s Directive 2009/29/EC amended the Emissions Trading Directive and constitutes the legal basis of the third trading period.
One of the most significant changes is the centralised allocation. This means that there are no longer any National Allocation Plans but a Cap determined by the European Commission and harmonised allocation rules for all Member States. The rules for allocation of free allowances are included in the European Commission’s decision of 27/04/2011. The Allocation Regulation 2020 (ZuV 2020) implements this decision in national law.
Please find a detailed overview of the different acts, regulations, decisions, directives and guidelines on the following pages.
Iceland, Norway, Liechtenstein to join EU emissions trading system
( BRUSSELS ) - Iceland, Norway and Liechtenstein are to link up with the European Union's carbon dioxide emissions trading system, in the first international agreement of its kind, the EU Commission announced Friday.
The move is part of the EU's efforts to set up a global carbon market.
"It is a major step towards a global carbon market and sends an important message in view of the negotiations in Bali later this year" where global climate change talks will be held, Environment Commissioner Stavros Dimas said.
For nations or regions to join the EU's scheme, their systems must be mandatory and set absolute limits on emissions, as well as have robust registry systems and strict monitoring and compliance measures in place.
The Commission will next examine carbon dioxide allocation plans submitted by the three, as it has done with the 27 EU nations for the 2008-2012 period.
The plans set quotas for energy intensive industries, including coal-fired power plants, paper mills and steel works, which are blamed for around half of Europe's carbon dioxide emissions.
Text and Picture Copyright 2007 AFP. All other Copyright 2007 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.
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Emissions trading: 2017 data shows emissions reduction
EU News 141/2017
Brussels, 18 May 2017 IP/15/4987
Emissions of greenhouse gases from installations participating in the EU Emissions Trading System (EU ETS) are estimated to have decreased by about 4.5% last year, according to the information recorded in the Union Registry.
2017 emissions decrease The EU ETS covers more than 11 000 power plants and manufacturing installations in the 28 EU Member States, Iceland, Norway and Liechtenstein, as well as emissions from airlines flying between European airports.
Verified emissions of greenhouse gases from stationary installations amounted to 1,812 million tonnes of CO2-equivalent in 2017. These emissions were about 4.5% below the 2017 level.
File Photo: Participation of Miguel Arias Cañete, Member of the EC, at the G7 Energy Ministerial Meeting, 11-12/05/2017, Hamburg Date: 11/05/2017 Reference: P-028078/00-02 Location: Hamburg (C)EU, 2017 URL
© Copyright 1998-2017 Delegation of the European Union to Japan. Todos los derechos reservados. http://eeas. europa. eu/delegations/japan
Iceland, Norway, Liechtenstein to join EU emissions trading system
( BRUSSELS ) - Iceland, Norway and Liechtenstein are to link up with the European Union's carbon dioxide emissions trading system, in the first international agreement of its kind, the EU Commission announced Friday.
The move is part of the EU's efforts to set up a global carbon market.
"It is a major step towards a global carbon market and sends an important message in view of the negotiations in Bali later this year" where global climate change talks will be held, Environment Commissioner Stavros Dimas said.
For nations or regions to join the EU's scheme, their systems must be mandatory and set absolute limits on emissions, as well as have robust registry systems and strict monitoring and compliance measures in place.
The Commission will next examine carbon dioxide allocation plans submitted by the three, as it has done with the 27 EU nations for the 2008-2012 period.
The plans set quotas for energy intensive industries, including coal-fired power plants, paper mills and steel works, which are blamed for around half of Europe's carbon dioxide emissions.
Text and Picture Copyright 2007 AFP. All other Copyright 2007 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.
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Emissions Trading. 2017 Data Show Lower Emissions but Surplus of Allowances Persists
Brussels -- Emissions of greenhouse gases from installations participating in the EU Emissions Trading System (EU ETS) are estimated to have decreased by at least 3% last year, according to the information recorded in the Union Registry.
Climate Action Commissioner Connie Hedegaard said: ' The good news is that emissions declined faster than in previous years even as Europe’s economies started to recover from the recession. However, there is still a growing surplus of emission allowances that risks undermining the orderly functioning of the carbon market. The Commission has taken action to address this with the already adopted back-loading measure. But as this is only a temporary measure, the Commission has proposed to establish a market stability reserve. Now it is up to the European Parliament and the Council to take it forward and move ahead swiftly in their discussions. '
2017 emissions decline
The EU ETS covers more than 12 000 power plants and manufacturing installations in the 28 EU member states, Iceland, Norway and Liechtenstein, as well as emissions from airlines flying between European airports. Last year marked the start of the third ETS trading period (phase 3), which runs until 2020.
Verified emissions of greenhouse gases from stationary installations amounted to 1895 million tonnes of CO2-equivalent in 2017. Although there are some methodological challenges in assessing with certainty the change in emissions compared to 2012 due to the extension in scope of the EU ETS for the third trading period, estimated emissions in 2017 on a like-for-like basis were at least 3% below the 2012 level for installations in sectors included in both the second and third trading period. Emissions additionally covered by the EU ETS due to the extension of its scope are estimated at 79 to 100 million tonnes.
Allowance surplus growing again
The cumulative surplus in emission allowances increased further to more than 2.1 billion for the 2017 compliance year from almost two billion at the end of 2012. The 2017 figure takes into account the exchange of international credits into allowances, sales of phase 3 allowances to generate funds for the NER300 programme to support innovative low-carbon technologies, allowances allocated for 2017 and auctioning of phase 3 allowances in 2017. It is expected that in 2017 the surplus will start to shrink as the implementation of back-loading has started in the first quarter of 2017.
High level of compliance
Companies' level of compliance with the EU ETS rules was again high. Less than 1% of the installations which have reported emissions for 2017 did not surrender allowances covering all their emissions by the deadline of 30 April 2017. These installations are typically small and together account for less than 1% of emissions covered by the EU ETS. For this first reporting year of the third trading period, about 3% of stationary installations subject to compliance obligations in 2017 did not report their emissions by 30 April 2017, according to registry data.
Exchanges of international credits
Since 2017, credits gained from investment in emission-reduction projects undertaken in third countries can no longer be directly surrendered for ETS compliance but must be exchanged into allowances.
Of the 132.8 million credits that were exchanged for allowances by 30 April 2017, 50% were Certified Emission Reductions (CERs) 1 and 50% Emission Reduction Units (ERUs). 2 The origin of these CERs and ERUs was from a limited number of countries, with 80% of CERs originating from China and nearly 5% from India, and 70% of ERUs from Ukraine and 25% from Russia.
See Annex for full details. More information on the number and type of credits exchanged by 30 April 2017, by country of origin and project, is available at here.
Reporting and compliance for 2017 aviation emissions to take place by 2017
The 2017 data do not cover aviation emissions since a ircraft operators are not required to report 2017 emissions for flights within the European Economic Area until 31 March 2017, or surrender the corresponding volume of allowances until 30 April 2017. The deadlines have been extended under a recent amendment of the EU ETS Directive which takes account of the intended implementation by 2020 of an international agreement applying a single global market-based measure to aviation emissions.
Under the EU ETS, installations are required to submit their verified emissions data for each year to Member State registries. For 2017, this data became publicly available on the European Union Transaction Log (EUTL) on 2 April 2017. From 15 May, the EUTL also displays compliance data, with information on whether installations have complied with their obligation to surrender an amount of allowances equal to last year's verified emissions.
The third trading period of the EU ETS began on 1 January 2017 and runs for eight years until 31 December 2020. The legislation reforming the EU ETS, laying down revised rules until 2020 and beyond, was adopted as part of the EU climate and energy package on 23 April 2009 (see IP/09/628 ).
In January 2017 t he Commission proposed legislation to establish a market stability reserve at the beginning of the next ETS trading period in 2021. The reserve would both address the surplus of emission allowances that has built up and improve the system's resilience to major shocks by adjusting the supply of allowances to be auctioned (see IP/14/54 ).
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Jet Aviation offers Union Registry Account Opening and Administration service to help customers comply with European Union Emissions Trading System
Zurich / March 28, 2017 – Jet Aviation has expanded its management support service offerings to help aircraft owners and operators comply with the European Union’s Emissions Trading System (EU ETS) for aviation.
To meet the first trading phase requirements for flights as mandated by the EU ETS in 2012, all operators that are required to surrender emission allowances must open a Union Registry Account in their appointed member state and submit the allowances by April 30, 2017. A penalty of 100 euros ($130) per ton of CO2 emissions will be levied against operators who fail to submit sufficient allowances to cover excess emissions in 2012.
Jet Aviation is providing Union Registry Account opening and administration services to help operators seamlessly comply with the regulations and avoid non-compliance fines.
“Opening a Union Registry Account is a long and complex procedure,” says Matthias Gruber, manager EU ETS Services. “We are offering account opening and administration services to help our customers with the Registry Account process and ensure they submit allowances by April 30th to avoid fines.”
For more information about Jet Aviation’s EU ETS compliance services, please contact Matthias Gruber at ets. zurich@jetaviation. ch .
Aircraft management services offer owners and operators tailor-made solutions, developed to suit their individual needs. Jet Aviation's aircraft management includes in-house international dispatch services, flight planning and scheduling, flight-crew staffing, line operations and maintenance services as well as insurance, accounting and administrative services.
Jet Aviation, a wholly owned subsidiary of General Dynamics (NYSE: GD), was founded in Switzerland in 1967 and is one of the leading business aviation services companies in the world. Close to 4,500 employees cater to client needs from more than 20 facilities throughout Europe, the Middle East, Asia and North and South America. The company provides maintenance, completions and refurbishment, engineering, FBO and fuel services, along with aircraft management, charter services, aircraft sales and personnel services. Jet Aviation's European and U. S. aircraft management and charter divisions jointly operate a fleet of more than 250 aircraft. Please visit www. jetaviation. com and follow us on twitter: http://twitter. com/jetaviation .
More information about General Dynamics is available online at www. generaldynamics. com .
Short-Run Allocation of Emissions Allowances and Long-Term Goals for Climate Policy
Abstract
We use economic analysis to evaluate grandfathering, auctioning, and benchmarking approaches for allocation of emissions allowances and then discuss practical experience from European and American schemes. In principle, auctions are superior from the viewpoints of efficiency, fairness, transparency, and simplicity. In practice, auctions have been opposed by important sectors of industry, which argue that carbon pricing without compensation would harm international competitiveness. In the European Union’s Emissions Trading System, this concern led to grandfathering that is updated at various intervals. Unfortunately, updating gives industry an incentive to change behavior to influence future allocation. Furthermore, the wealth transferred to incumbent firms can be significantly larger than the extra costs incurred, leading to windfall profits. Meanwhile, potential auction revenues are not available to reduce other taxes. By circumscribing free allocation, benchmarking can target competitiveness concerns, incur less wealth transfer, and provide a strategy consistent with transitioning to auctions in the long run.
Keywords: Benchmarking, Emissions trading, Allocation of allowances, EU ETS
Introducción
The European Union Emissions Trading System (EU ETS) was launched with the purpose of reaching greenhouse gas reduction goals cost-effectively. The EU climate target goal is now emissions reductions of at least 20% by 2020. The EU ETS is the first international trading system for carbon dioxide (CO 2 ) emissions in the world and applies to the 27 EU member states plus Norway, Iceland, and Lichtenstein. It covers some 11 500 participating installations in the energy and industrial sectors, which are collectively responsible for close to half of EU emissions of CO 2 and 40% of its total greenhouse gas emissions (European Commission 2009 ). The system took effect in 2005, and in phases one and two, which conclude in 2012, emissions allowances were to a large extent allocated gratis to the participating installations based on historic emissions, a practice known as grandfathering . Each state developed National Allocation Plans (NAPs), following a set of criteria to govern the free distribution of emissions allowances to the covered industry (European Commission 2003 ). Since the value of this asset is considerable (Ellerman et al. 2007 ), the potential distributional consequences are important (see, for instance, Burtraw and Palmer 2008 ), making the allocation process inherently controversial and political (Zapfel 2007 ).
The allocation process and development of NAPs in phases one and two have been complex and opaque, which have damaged the perceived fairness of the trading system. Frequent changes in grandfathering rules have encouraged regulated parties to engage in so-called rent-seeking behavior in order to gain more generous future allocations.
The objective of this paper is to review arguments for using alternatives to grandfathering, including auctioning and benchmarking. We examine the consequences of allocation choices, both in theory and in the context and chronology of the EU ETS experience. We also compare this with allocation methods in US allowance markets.
Review of Options for Allocation
A central question in the design of an emissions trading program is how the emissions allowances are initially distributed among participants, and a fundamental choice is whether firms should receive allowances for free or should have to pay for them, as in an auction. Part of this question has to do with fairness, distributional effects, and political feasibility. But another part has to do with efficiency‗that is, minimizing the costs of complying with the emissions target. In the textbook example, the allocation of emissions rights, once given, should not change the cost-effectiveness of the trading system (Montgomery 1972 ). The allowance price, the environmental effectiveness of the system, the choice of abatement method by firms, and the downstream price effects are all determined by the emissions reduction target‗and, importantly, the opportunity cost of those emissions to the economy‗which should be the same whether firms initially pay for allowances or not. In this case, the allocation question is purely a distributional one: who should receive the value of the emissions assets?
Unfortunately, the textbook equivalence result holds only under specific conditions, and both allocation design and market circumstances can violate these conditions. In either case, the choice of allocation mechanism can have implications for the efficiency of the climate regulation.
From a design perspective, assuming other market conditions are ideal, the main condition is that the allocation be unconditional‗that is, the allocation is fixed in advance and unaffected by any changes in the firm’s circumstances, including production levels, capacity expansion, or entry or exit from the industry (e. g. Ellerman et al. 2007 ). This idea lies behind using historical emissions for determining grandfathering; however, in practice, the strict details of this condition are often violated.
From a market perspective, several conditions can influence the relative efficiency of allocation mechanisms, even those that might otherwise be equivalent under perfect circumstances (Harrison et al. 2007 ; Hahn and Stavins 2010 ; Fischer and Fox 2010 ). Some of these market imperfections relate to trading conditions, such as transaction costs, illiquidity, or market power in concentrated industries. Others relate to broader distortions in the economy.
Two distortions of great concern for policy makers are (1) the incomplete reach of carbon regulation and (2) inefficiencies created by the existing tax systems. Although quite broad, the EU ETS is by no means comprehensive. Not only do most of the EU’s trading partners lack comparable carbon pricing, but even within the EU, many firms and sectors are exempt from the regulation. In this case, the concern is that imposing costs on the subset of regulated firms will induce consumers to substitute toward unregulated goods‗which then expand their emissions‗and the resulting carbon leakage will undermine the overall environmental effectiveness of the trading program (Bernard et al. 2007 ; Fischer and Fox 2010 ). The degree of this problem depends on the nature of competition among regulated and unregulated goods, the degree to which the goods are close substitutes, and the relative emissions intensities; in other words, some industries will be more susceptible than others. Leakage also depends on how many trading partners participate in the climate regime. Again, with this distortion, allocation choices can affect the overall cost and environmental effectiveness of an emissions trading system.
The other important concern for policy makers is inefficiencies created by the existing tax systems. Governments must fund public expenditures through labor, capital, and other taxes, which unfortunately then distort decisions to supply labor, capital, or whatever is taxed. The problem for climate policy is that carbon is so pervasive in the economy that pricing it raises overall prices in the economy, which reduces the real value of wages and further discourages labor supply (see Goulder 2002 ). Consequently, allocation methods that mitigate this fall in the real wage or return to capital‗either by lowering tax rates or by tempering price increases‗can lower the overall costs of the climate regulation. These ideas lie behind the large economics literature recommending auctioning allowances and recycling those considerable revenues to lower other taxes‗in other words, taxing “bads” not “goods.”
Keeping in mind that trading systems implemented in the real world often (if not always) deviate from the textbook version, we consider the efficiency and other effects of the following allocation procedures.
Grandfathering
With grandfathering, an initial allocation of allowances, valid for a long time into the future, is made to existing installations. A vast majority of earlier allowance trading systems implemented to manage fisheries, air pollution, and water resources have grandfathered allowances based on historic activities. Pure grandfathering would imply that recipients retain their allocation even if they cease production, while new entrants do not receive free allowances. In the EU, as we discuss below, a slightly different version of grandfathering has been applied.
In phases one and two of the EU ETS, emissions allowances were to a large extent distributed for free based on historic emissions, or a fraction hereof. The thought was that grandfathering would offer a situation closer to the status quo, thus increasing the chances that participants would agree to the trading system in the first place. Grandfathering would also compensate firms for sunk costs of investments made prior to the regulation and relieve some financial burden going forward. Auctions were opposed by important sectors of industry, particularly the steel and cement industries, as well as by some member states. Both individual companies and their business associations argued that auctions would be economically detrimental to them, referring to the international competition that they face from firms outside the EU ETS. 1 For companies that can pass through carbon-related costs‗such as power producers‗this may not be a problem. But for companies competing in a global market, cost pass-through may be difficult. If these costs are not compensated, at least in part, this may lead to the relocation of economic activity and its associated emissions to outside the trading region. This “carbon leakage” could undermine the integrity of the carbon policy and, in fact, raise the cost of achieving environmental goals.
Although abatement incentives may be preserved, there are other potentially problematic effects with grandfathering. First, if all allowances are allocated gratis to incumbents as a compensation for a new climate policy, the transferred wealth can be significantly larger than the extra costs incurred by firms (Bovenberg and Goulder 2001 ; Burtraw and Palmer 2008 ; see also Fig. 1 in Åhman et al. 2007 ). The reason is twofold: costs for emissions are much larger than abatement costs and firms can pass on costs in the form of higher product prices. Ellerman et al. (2010 ) show that the annual abatement costs in the first two years of the ETS could be in the range of $0.6 billion to $1.8 billion per year, while the value of potential wealth transfer could be in the vicinity of $48 billion per year. However, as the cap is reduced in the following years, there is reason to believe that abatement costs will become significantly higher. Sijm et al. (2006 ) estimated that the level of pass-through of CO 2 costs in the relatively liberalized wholesale electricity markets in the Netherlands and Germany was 60‗100%. Fell (2008 ) estimated similar pass-through in the Nordic power market. However, in the electricity sector, the regulation of retail electricity prices often limits pass-through, which has been the case in for instance Spain. There is also anecdotal evidence that at least some firms with a surplus of allowances have not passed on the opportunity rent to customers (Ellerman et al. 2010 ). While windfall profits are avoided, the result is a different inefficiency, in the form of a weaker price signal for the value of conservation. 2
While the EU emission trading scheme is closing in on its third phase, the policies in North America is unfolding in four settings and with quite different features. Photo by Lize Rixt (Stock. xchng)
A second critique of allocation based on historic emissions is that it rewards large emitters rather than firms that already have already invested in carbon-efficient processes. This may undermine the credibility of and public support for the system and discourage the early action. Third, without updating, continued grandfathering would perpetuate a major asset transfer to industry, while the data and circumstances on which the allocation was based would become increasingly irrelevant. Over time, production volumes change, old installations close, new installations enter, and technologies, processes and products change, and the fairness of the allocation could be called into question.
The final problems relate to interactions with the aforementioned market distortions. Grandfathering means the revenue is not available to reduce other taxes, which would otherwise reduce the macroeconomic costs of the program. Furthermore, in competitive markets, the increase in product prices should reflect the opportunity costs of emissions allowances in the same way as they do under an auction. Thus, unconditional grandfathering does not actually improve international competitiveness, since firms would be free to relocate and sell their allocations.
Updating Allocations
Casual reasoning suggests that at some point the allocation needs to be updated, and this creates a dilemma for the regulator. If allocation in future trading periods is based on data that can be affected by industry, this will change the firms’ incentives for action. Neuhoff et al. (2006 ) point out that in contrast to the US sulfur dioxide trading program, wherein allocation was done only once as a lump sum, the EU ETS adopted a sequential approach. Allocation plans are decided for one commitment period at a time, with repeated negotiations about the allocation for the following period. The authors conclude that if power generators anticipate that their current behavior will affect future allowance allocation, this can distort today’s decisions. In a similar way, Sterner and Muller (2008 ) show that if allocation is regularly updated based on prior emissions, firms will have a financial incentive to pollute more. Harstad and Eskeland (2010 ) show this formally in a dynamic setting, where firms that anticipate the regulator’s future desire to give more allowances to firms that appear to need them purchase allowances to signal their need. This raises the price above marginal costs and thus results in an inefficient market outcome. If the social costs are high and the government intervenes frequently in the market, the distortions could potentially be greater than the gains from trade, and nontradable permits would be better. Åhman et al. (2007 ) argue that if the updating uses a sufficiently long lag (such as 10 years), discounting will reduce firms’ incentives to increase current emissions for the purpose of gaining allocation profits in the far future. Over 10 years, such an approach could transition to an auction.
In one context, the fact that updating creates an incentive to change behavior does not pose a problem for efficiency. Rosendahl and Storrøsten (2011 ) show that in a system where the allowance price is determined endogenously (closed system), long-term incentives regarding entry and exit are actually equal under updated emissions-based allocation and pure grandfathering. This is because the quota price is higher under updated grandfathering, as firms anticipate the effect of current emissions on future allocation revenues. New firms have to pay a higher bill initially but are better off later on when they have earned the right to receive free quotas. This holds under special conditions, such as if all firms have the same expectations on discount rates and future quota prices and no banking or borrowing is allowed, conditions that would not seem appropriate in the EU ETS, where banking is allowed (in the second and third phases) and firms appear to hold diverse expectations (especially in the first phase).
In sum, there is a risk that grandfathering allocations based on historic emissions in a recent period has affected not only the distribution of costs but also the economic efficiency and environmental effectiveness of the system. Nevertheless, updating of allocations is both explicitly and implicitly part of the design of the EU ETS‗explicitly through the renewed allocation for each trading period and implicitly through the treatment of new entrants and installations that close. The current (phase two) rules on new entrants and closures create distortions among member states, between new and old installations, and among technologies. The policy of withdrawing the allocations from installations that close constitutes an implicit subsidy to remain in operation, thus putting new (and potentially cleaner) installations that do not receive free allocations at a disadvantage (Åhman et al. 2007 ). Further, the methods differ greatly among member states and prevent a level playing field across the market.
Auctioning
The obvious way out of many problems with grandfathering is to replace free allocations with auctioning. A large literature in economics generally supports the finding that an auction with revenue recycling is the preferable approach to the initial distribution of the newly formed value created by the introduction of a price on CO 2 (Cramton and Kerr 2002 ; Dinan and Rogers 2002 ; Hepburn et al. 2006 ). The EU Commission has come to embrace this conclusion and has stated that auctioning of allowances should be the basic principle for allocation from the third phase onward (beginning in 2017). “This ensures efficiency, transparency and simplicity of the system and creates the greatest incentives for investments in low-carbon economy. It best complies with the Polluter Pays Principle and avoids giving windfall profits to certain sectors that pass on the notional cost of allowances to their customers despite receiving them for free” (European Commission 2008 ). Notably, the Regional Greenhouse Gas Initiative (discussed later) already relies on auctions to allocate about 90% of the allowances.
Auctions have several advantages. One important element already mentioned is that auction revenues can be recycled in ways that reduce the overall cost of the regulation. In particular, by reducing preexisting taxes, they can enhance the efficiency of the economy as a whole (Parry 1995 ; Parry et al. 1998 ). Auctions may also promote innovation, relative to grandfathering. If innovations are adopted widely in the economy, abatement costs and ultimately allowance prices will fall; therefore, a firm holding many allowances will have less incentive to innovate, in fear of driving those asset values down (Milliman and Prince 1989 ; Fischer et al. 2003 ). Furthermore, an auction, in comparison with grandfathering, may improve administrative transparency and the perception of fairness (Binmore and Klemperer 2002 ), which are crucial to the formation of a new market for an environmental commodity.
On the other hand, while auctions improve efficiency in most dimensions, they do not address the problem of competitiveness and carbon leakage concerns in vulnerable, trade-exposed sectors.
Benchmarking and Output-Based Updating
Shortly after the EU ETS was launched, a review was mandated that led to a broadened understanding of the shortcomings of grandfathering and the advantages of an auction. Consequently, the EU ETS directive has been revised (European Commission 2009 ), drawing on experiences from the first two phases. In the third phase, beginning in 2017, auctioning will be gradually phased in to reach 100% in the year 2027. However, an exception will be made for installations in sectors judged to be at significant risk of carbon leakage. For these sectors, the directive provides a limited amount of free allowances. The allocation of these free allowances will be based mainly on output and sector common benchmarks, referred to as output - based allocation or benchmarking (European Commission 2009. § 18).
According to the European Commission, the arguments for using benchmarking are to “reward operators that have taken early action to reduce greenhouse gases and give stronger incentives to reduce emissions, as allocations would no longer depend on historical emissions” (European Commission 2008 ). This is largely in line with the views of EU industry. 3
A number of studies have investigated how benchmarking influences abatement incentives (Fischer 2001 ; Burtraw et al. 2001 ; Fischer and Fox 2007 ; Sterner and Muller 2008 ; Zetterberg 2011 ). The first point is that updated output-based allocation serves as an implicit production subsidy, since additional output garners additional allowance values. However, it does not disturb a firm’s incentives to undertake abatement activities. For this reason, Böhringer and Lange (2005 ) show that output-based allocation is distinctly less costly than emissions-based allocation as a means to preserve output and employment in energy-intensive sectors. On the other hand, output based allocation pushes up carbon prices since more effort must be put into reducing the emissions intensity of production in order to meet the cap. If benchmarking is applied only to some sectors, these carbon price pressures mean that other sectors will bear a larger burden of compliance. The implications for the efficiency of the trading system then depend on whether this distortion is outweighed in importance by other market distortions, particularly carbon leakage.
Fischer and Fox (2010 ) conduct simulations of alternative US climate policies in a global trade model that considers both labor tax distortions and carbon leakage. They find that, from a domestic perspective, updating output-based allocation targeted to energy-intensive, trade-exposed industries can be more efficient than auctioning alone, due to the improvements in competitiveness and reduced carbon leakage. They also consider the trade-offs in extending such allocations to the electricity sector, which is not trade-exposed. If the revenues would otherwise be recycled to lower taxes, this allocation reduces efficiency; however, if the revenues would otherwise be grandfathered, benchmarking allocations to electricity actually improves cost-effectiveness, since the change in product prices and consequently the tax interactions are smaller.
One can also make a distinction between domestic and global cost-effectiveness. Preferential allocations distort the terms of trade, so auctioning‗even in a unilateral trading system‗is generally preferred by the rest of the world. However, tax distortions play a role here as well: if the revenues would otherwise be grandfathered or distributed in lump-sum fashion (such as through dividends) rather than recycled, updating output-based allocation can also be preferred from a global perspective. Together, these studies indicate a potentially legitimate role for benchmarking, with the caveat that it must be carefully designed and circumscribed. We note that most climate policy models are unable to represent the full range of substitution opportunities‗such as among steel, cement, and other materials in construction‗so they may well underestimate the potential distorting effects of output-based updating. This calls for even greater care in designing such policies. The studies also indicate the importance of auctioning with proper revenue recycling for the remaining allowances.
Allocation in Practice
In this section, we summarize how benchmarking is applied as a transitional strategy in different carbon markets.
EU ETS
The design of the initial allocation of allowances has been the single most debated feature of the EU ETS. 4 Benchmarking was identified early on as a way to mitigate some of the perverse incentives associated with grandfathering. In phases one and two, benchmarks were primarily applied when allocating allowances to new entrants. The general principle was that allocation should be based on best available technology (BAT). However, particularly in the power sector, benchmarks were often made fuel-specific and were not harmonized across countries, which significantly diminished the potential efficiency gains (Åhman and Holmgren 2006 ).
In phase three, from 2017 onward, a much greater part of the emissions allowances will be auctioned. 5 However, full auctioning is still applied only to the electricity sector. For other sectors, a “transitional free allocation” based on EU-wide sector-specific benchmarks will be used. The benchmarks should be product-specific and represent the average of the top 10% of installations regarding greenhouse gas efficiency in the EU in the years 2007‗2008. This results in a large number of benchmarks, 6 but in some cases the EU has not developed product-specific benchmarks. In those cases, allocation will be based instead on heat-, fuel-, or process-related benchmarks. The basic principle is that, in 2017, firms eligible for free allocation will receive an allocation equal to 80% of their projected emissions, calculated by multiplying historic production activity level by the benchmark emissions rate. Allocations will decrease to reach 30% of the benchmark level in 2020. However, firms that are deemed as “exposed to significant risk of carbon leakage” will receive 100% of the benchmark level for free through the entire period up to 2020.
Determining which firms are exposed to significant risk of carbon leakage and what the benchmarks should be has been a lengthy and complicated process. The end result is a set of technical documents that specify what rules and benchmarks should apply to different products and installation types. A list of what sectors and subsectors are at risk of carbon leakage has been published. In many cases, installations have to be split into sub-installations, with different rules applied to different parts of the production process. For instance, one part of the production process may be determined to be at risk for carbon leakage, while another part may not. A revised list of sectors at risk will be applied from 2017 onward.
Policies in North America
Policies are unfolding in four settings in North America, each with quite different features. One regional program involves a cap and auction, one Canadian province involves a tax, one US state program involves a cap with benchmarking allocation, and probably the most important policy‗national regulation in the United States under the Clean Air Act‗has benchmarking without a cap. These features likely span the future of climate policy in North America and perhaps on the international stage. They also seemingly span the manner in which the value created by putting a price on CO 2 can be distributed through the economy.
Beginning in 2009, 10 northeastern US states launched the Regional Greenhouse Gas Initiative (RGGI). 7 This policy sets a modest but binding emissions cap on power plants in the region. During the first compliance period (2009‗2011), the program was expected to result in prices per metric ton of CO 2 of $3‗$5, yielding a 10% (17-million ton) annual reduction in emissions by 2018 from emissions levels in 2006. Many felt the program was intended primarily to help initiate federal policy, but the states in the program took it seriously. The modest emissions target took shape in a region that is part of an open electricity transmission network, where leakage was estimated to amount to 17‗40% of emissions reductions (Burtraw et al. 2005 ). By the time the program took effect, changes in fuel prices and the economic downturn led to a low allowance price and a situation of overallocation similar to what was experienced in the first phase of the EU ETS. However, one feature of RGGI distinguishes it from the EU ETS: in RGGI, about 90% of the allowances are auctioned, and importantly, the auction includes a reserve price. Although that price, initially $2.07 per ton and growing with inflation, is quite low by the standard of the EU ETS, it has prevented the price of allowances from falling to zero and consequently has generated about $1 billion in the first compliance period. The vast majority of these funds have been directed toward strategic energy investments, primarily energy efficiency. The RGGI program leapfrogged over benchmarking as a transition path and began by giving a primary role for allocation to a well-designed auction. Consequently, it has met with important success even while climate policy has faltered at the national level in the United States.
At the other end of possible policy outcomes is the CO 2 emissions fee in the Canadian province of British Columbia. The fee is assessed on fossil fuel combustion, including personal transportation, by industry and individuals. In July 2011, the tax rate rose to $25 (Canadian) per ton of CO 2 - equivalent ($24.16 USD), and it will increase to $30 ($28.99 USD) per ton in 2012. The tax is anticipated to reduce CO 2 emissions by up to 3 million tons annually by 2020. Revenues are directed toward reducing personal and corporate income taxes, thereby accomplishing important efficiency goals, as well as providing some tax credits for low-income individuals.
California plans to launch its cap-and-trade program in 2017. This policy is a consequence of 2006 legislation that adopted binding economywide targets to reduce the state’s emissions to 1990 levels (about 432 million metric tons) by 2020, roughly 29% below forecast 2020 business-as-usual emissions. At the center of the policy are a number of regulatory standards and measures that are expected to achieve the lion’s share of necessary emissions reductions, including the state’s motor vehicle standards, which have subsequently been adopted as federal policy, and an ambitious renewable portfolio standard that sets a goal for renewable sources to provide 33% of total electricity consumption in the state by 2020. These measures are expected to achieve most, but not all, of the 2020 target, and the residual is left to the cap-and-trade program. Although the policies might seem redundant because they both might target the same emissions reductions, the regulatory policies are viewed as necessary to drive technological changes in transportation and electricity, and allowance prices without these policies already in place. Such a high allowance price might exacerbate the leakage of economic activity and emissions out of state. This outcome is mitigated by the mixed policy approach, although total economic costs are likely higher than might result from a cap-and-trade program alone.
The California trading program in 2012 will affect stationary sources, including out-of-state generation of electricity that is delivered to consumers in the state. The program will expand in 2017 to include transportation and will cover 85% of total emissions in the state. 8 An advisory committee has advised that an auction is the preferred approach to distribute allowances (EAAC 2010 ), similar to the path being taken by the EU ETS. However, for practical reasons, an auction plays a limited role initially. An important fraction of allowances will be distributed for free to local electricity distribution companies. These entities are regulated and for the most part do not have a compliance obligation, so they are expected to sell the allowances (through an auction), use the allowance value to offset changes in the wholesale power price, and deliver these price reductions to their retail customers. Industrial sources also start with free allocation, at about 90% of average emissions, based on an efficiency benchmark for each industry, to be updated annually. In both cases, the free allocation is expected to protect California industry from increases in product prices that would create a competitive disadvantage relative to facilities located outside the state. Eventually, free allocation is expected to be phased out in favor of auctioning.
When California’s full program ultimately takes effect, it will provide an economywide emissions cap in what constitutes the eighth-largest economy in the world. However, the most important policy development is the enforcement of greenhouse gas rules by the US Environmental Protection Agency under the Clean Air Act. Sources of emissions will be affected in three waves (Richardson et al. 2011 ). As of January 2011, new model-year 2012 vehicles now must comply with fuel-efficiency standards that mirror those adopted in California and other states. These standards will largely offset changes in emissions over the next decade that would otherwise occur from a growing population and greater vehicle miles traveled. Later this decade, actual emissions reductions will begin, especially if the next round of vehicle standards is developed as expected. The second wave affects construction permitting for new and modified stationary sources. Standards are still being developed, but the permitting requirement for these sources also took effect in January 2011. The third and most important wave will affect the operation of existing stationary sources. Early in 2012, the first standards governing emissions from steam electricity boilers and refineries will be implemented.
The actual form of the regulations affecting existing sources is expected to be an emissions rate performance standard, which resembles output-based allocation except with no emissions cap. However, the emissions reductions under a tradable performance standard can be just as great and depend on the stringency of the performance standard (Burtraw et al. 2011 ). The benchmark is likely to be justified technically based on a narrow source category definition, but it may be implemented on a broader basis to allow compliance flexibility, meaning that sources can overcomply and sell credits to other sources. Hence, there is no allocation decision under a performance standard, but the design questions under the standard reflect most of the issues affecting the design of benchmarks: how should facilities be grouped, what measure will be used, how will that measure evolve over time, and will the groups evolve over time?
Another aspect of the US regulations may fully illustrate the role of benchmarks as a transition. An idiosyncrasy of US environmental law places the states, not the federal government, in the primary role of planning and enforcement of the Clean Air Act. The role of federal agencies is to approve and oversee, and occasionally intervene in, the process. In developing their implementation plans, states have a great deal of discretion. A major question on the horizon is how regional cap-and-trade programs will be assimilated into the federal requirements. Moreover, potentially with federal encouragement, states might explore the recombining of source categories (for example, to enable fuel switching from coal to natural gas for electricity generation) to allow greater compliance flexibility and greater emissions reductions at less cost. States may also propose to allow trading across states, and indeed, most legal scholars believe they have the legal authority to implement new cap-and-trade programs as one way to comply with the federal standards (Wannier et al. 2011 ).
In summary, four policies in North America span the main options for allocation (Fig. 1 ). Two avoid benchmarking entirely, seemingly hatched as fully formed systems intended to place a price on CO 2 through an auction or its analog, an emissions tax. But the other two embody benchmarks on what may be a transitional path to some other design.
Summary and Conclusions
In this paper, we have reviewed the main arguments for using auctioning and benchmarking for allocating emissions allowances instead of grandfathering, and we summarized related policy developments in the EU and North America. In the long term, auctioning is the most efficient way to distribute allowances. It conforms to the “Polluter Pays Principle,” increasing the perception of fairness in the system, and ensures transparency and simplicity of the trading system. Moreover, the substantial revenues from CO 2 auctions can be recycled in ways that improve the health of the economy and reduce the overall cost of the regulation. But in spite of the theoretical advantages of auctioning, practical political barriers to implementation remain. Auctions have been opposed by important sectors of industry, as well as by some member states. Industry argues that auctions would be economically detrimental to them, pointing to the international competition they face from firms outside the carbon markets in the EU ETS and North America. If these costs are not compensated, at least in part, this may lead to the relocation of economic activity and its associated emissions to outside the trading region. This “carbon leakage” could undermine the integrity of the carbon policy and raise the cost of achieving environmental goals.
Grandfathering does not provide a remedy to the leakage problem if it is implemented based on truly historic criteria. Moreover, experience from the EU ETS shows that Member States wish to update the allocation in order to adjust for closures, new entrants, and production changes. Unfortunately, this raises a new set of problems. If allocation in future periods is based on factors that can be affected by industry, this will change the firms’ incentives for action. Moreover, with grandfathering, the transferred wealth to incumbent firms can be significantly larger than the extra costs incurred on them, leading to windfall profits. Further, potential auction revenues are not available to reduce other taxes, which would reduce the overall costs of the program.
Updating output-based allocation with benchmarks preserves abatement incentives but involves an output subsidy that introduces inefficiency in the economy. However, output-based allocation provides a mechanism to address leakage. In an economy with imperfections, including preexisting distortionary taxes and leakage, this approach may offer a remedy.
Hence, in a transitional period, benchmarking may offer a way to move from grandfathering in phases one and two of the EU ETS toward the long-term goal of auctioning. Of the four regional programs in North America, one uses auctioning, one employs an emissions tax, and two use benchmarking. Benchmarking provides compensation to firms for increased costs and allows for updating without reducing abatement incentives. This allocation rule rewards operators that have taken early action to reduce greenhouse gas emissions. Moreover, this type of allocation is more cost-effective than grandfathering when taking into account such issues as leakage and interactions with preexisting taxes in the domestic economy. Finally, benchmarking ends the incumbent’s entitlement to emissions allowances, which is a precondition for the ultimate move to an auction.
Acknowledgments
The authors would like to thank the Mistra foundation for financial support through the research program CLIPORE and two anonymous reviewers for thorough reading and accurate comments.
Biographies
Lars Zetterberg
is a Senior Scientist and director Business Development at IVL Swedish Environmental Research Institute. Zetterberg holds a Ph. D. in Physical Geography from the University of Gothenburg and a M. Sc. in Engineering Physics from Chalmers University of Technology. Zetterberg’s research focuses on design and economic analyses of emission trading systems, pathways to low-carbon economies, and the role of bioenergy in climate mitigation. Zetterberg has published several academic papers and written a large number of reports and policy briefs.
Markus Wråke
is a Senior Energy Analyst at the International Energy Agency (IEA), where he leads the work on Energy Technology Perspectives, the flagship publication on energy technology at the IEA. Markus Wråke holds a Ph. D. in Environmental Management and Economics from the University of Gothenburg and a M. Sc. in Environmental Engineering from Uppsala University. He has worked on energy policy, technology, and climate change for over a decade and has published numerous scientific papers and book chapters, as well as a large number of reports and working papers.
Thomas Sterner
is a Professor of Environmental Economics at the University of Gothenburg, a University Fellow of Resources for the Future, Washington DC and Past President of the European Association of Environmental and Resource Economists. At Gothenburg, he has built up an environmental economics research group consisting of four full professors and a total of more than a dozen senior researchers. His primary research areas include the design of policy instruments to deal with climate change and other environmental threats to the ecosystems on which we depend.
Carolyn Fischer
is a senior fellow at Resources for the Future (RFF) in Washington, DC, where she is also the associate director of the Center for Climate and Electricity Policy. She holds a Ph. D. in economics from the University of Michigan, has worked at the Council of Economic Advisors to the President, and has served on the board of the Association of Environmental and Resource Economists. Her research focuses on the design of policy instruments to combat climate change and understanding the role of technological innovation and international trade.
Dallas Burtraw
is a Senior Fellow and Darius Gaskins Chair at Resources for the Future in Washington DC. Burtraw holds a Ph. D. in economics and a master’s degree in public policy from the University of Michigan and a bachelor’s degree from the University of California, Davis. Burtraw’s research includes the design of environmental regulation, the costs and benefits of environmental regulation, and the regulation of the electricity industry. Burtraw has published numerous academic papers, as well as a large number of reports and working papers.
Footnotes
1 See, for example, EUROFER position paper on ETS, October 2008, www. eurofer. org/index. php/eng/content/pdf/776 ; and the Cembureau position paper, Climate Change: CO 2 Emissions Trading‗Points of Convergence within the Cement Industry, www. cembureau. be/Cem_warehouse/POINTS%20OF%20CONVERGENCE%20WITHIN%20THE%20CEMENT%20INDUSTRY. PDF (both accessed May 2009).
2 For a detailed analysis of this in a U. S. context, see Burtraw et al. (2001 ).
3 Based on a series of seminars with representatives from EU industry, business associations, and nongovernmental organizations, Egenhofer and Georgiev (2010 ) summarize stakeholder views on the advantages of benchmarking over grandfathering. These arguments include “incentivizing emissions reductions; allow[ing] for updating without introducing perverse incentives; ensuring a non-distorted carbon price . ”
4 For a more extensive discussion of this and other contentious issues, see Wråke et al. (2012 [this issue]).
5 At least 60% auctioning in 2012, with a target of reaching 70% auctioning in 2020.
6 This includes 52 products in 21 sectors, representing some 80% of free allocations.
7 After a significant change in political leadership, the state of New Jersey has decided to withdraw from the group in 2012.
8 Sources outside the trading program are included in the 2020 target.
Contributor Information
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Articles from Ambio are provided here courtesy of Springer
Emissions Trading: Commission to connect EU with UN carbon credit registry before December
The European Commission, Member States and the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat have successfully completed all the testing required for connecting to the UN's international carbon credit registry. The EU's Community Independent Transaction Log (CITL) and Member State registries will be connected to the UN's International Transaction Log (ITL) before December 2008 at the latest. The link will mean carbon credits issued under the Clean Development Mechanism can be transferred to the registries of EU Member States.
Environment Commissioner Stavros Dimas said: "I welcome the successful outcome of the testing phase. This now paves the way for the transfer of credits from the Clean Development Mechanism into the EU registry system. Linking up with the UN's carbon credit registry will further strengthen Europe's leading role in the global carbon market."
Two systems working together
The EU's Community Independent Transaction Log (CITL) and the UN's International Transaction Log (ITL) are electronic accounting systems which keep track of emission allowances or carbon credits of companies participating in the carbon market. The CITL, which has been operational since 2005, is the central registry for tracking ownership of allowances in the EU Emissions Trading System (EU ETS). The International Transaction Log (ITL) keeps track of various types of UN credits from countries that have signed up to the Kyoto Protocol.
The linking of the two systems will enable companies to transfer certified emission reductions (CERs) issued under the Clean Development Mechanism into their accounts in Member State registries. The Clean Development Mechanism (CDM) allows countries with an emission reduction commitment under the Kyoto Protocol to implement an emission reduction project in developing countries. These projects earn saleable certified emission reduction (CER) credits, each equivalent to one tonne of CO2, which can be counted towards meeting Kyoto targets. As CERs can be used to offset emissions under the EU ETS, the link is crucial to ensure that operators have access to an adequate supply of carbon credits.
The two systems will control and track transactions jointly. Currently, each Member State registry is connected to the CITL. After the ITL and CITL are connected, each Member State registry will be connected to the ITL only and each transaction involving an EU Member State will be passed on to the CITL for recording and additional checks.
Testing successfully completed
The European Commission, Member States and the UNFCCC Secretariat have carried out two rehearsals to test technical procedures. The first test-run, which took place from 15 to 30 May, involved five Member States. The second rehearsal, from 18 July to 4 August involved all Member States, as well as non-EU registries in Russia, Japan and New Zealand. These tests have now been successfully completed.
The Commission is currently working with the UNFCCC Secretariat to fix the precise date for the official connection, which will be announced shortly. During the connection procedure, the Commission and Member States will suspend all registry operations for a maximum period of seven calendar days.
Energiebalans
Het opstellen van de energiebalans is één van de referentietaken van VITO. Het doel is in één rapport een volledig overzicht te maken van het energieverbruik in Vlaanderen in een bepaald jaar en de evolutie van dit energieverbruik op te volgen. De cijfers uit dit rapport vormen mee de basis voor de opmaak van de Vlaamse bijdrage aan de Belgische broeikasgasinventaris die internationaal wordt gerapporteerd in het kader van het Kyoto protocol.
Vlaanderen
Home > Resources > News from the EU > 2017 > Emissions trading: 2012 saw continuing decline in emissions but growing surplus of allowances
Emissions trading: 2012 saw continuing decline in emissions but growing surplus of allowances
EU News 239/2017
IP/13/437 Brussels, 16 May 2017
Emissions of greenhouse gases from installations participating in the EU Emissions Trading System (EU ETS) decreased by 2% last year, according to the information recorded in the Union Registry.
2012 emissions data
The EU ETS covers more than 12 000 power plants and manufacturing installations in the 27 EU member states, Norway and Liechtenstein and also, from 2012, emissions from airlines flying between airports in these countries and to closely connected areas. Verified emissions of greenhouse gases from stationary installations [1] have continued to fall, dropping to 1 867 billion tonnes of CO 2 - equivalent last year, about 2% below the 2011 level for installations Verified emissions reported by airlines amount to almost 84 million tonnes.
[1] Installations in Cyprus and Liechtenstein have not reported verified emissions for 2011 yet.
APC-compliance for emissions trading
European Union's (EU) Emissions Trading Scheme (ETS), launched in 2003, reflects member governments' belief that technology, not politics, will overcome climate change. At Pavilion Technologies Inc.'s recent environmental seminar in Aberdeen discussions included manufacturers' opportunity to participate in market-based trading programs that reward companies actively s.
European Union's (EU) Emissions Trading Scheme (ETS), launched in 2003, reflects member governments' belief that technology, not politics, will overcome climate change. At Pavilion Technologies Inc.'s recent environmental seminar in Aberdeen discussions included manufacturers' opportunity to participate in market-based trading programs that reward companies actively striving to both reduce greenhouse gas (GHG) emissions—primarily carbon dioxide—and enhance air quality.
ETS' Phase I covers GHG from all energy producers/consumers with facilities exceeding 20 MW capacity, including offshore oil-and-gas platforms. Each country maintains its own, electronic-trading registry system, which is monitored by an EU central administrator. Each registry system tracks allowance ownership in much the same way a banking system tracks clients' money.
Pavilion says it has provided broad support to companies' emissions control efforts. Firms such as AES Elstra, Air Liquide, Broin Companies, Chevron Phillips Chemical, Sterling Chemicals, and Eastman Chemicals reportedly use Pavilion Environmental Compliance and Reporting software for emissions compliance. Emissions are monitored, calculated, and reported in real-time. Companies such as Capitol Cement and Dyckerhoff have used Pavilion's advanced process-control (APC) to increase alternative fuel use and reduce emissions. Other entities, such as Nestle' and Abbott Laboratories, have deployed Pavilion's APC to reduce energy consumption.
"Pavilion used its knowledge of emission trading, environmental regulations, and process engineering to tailor the software to our needs and helped us realize a smooth implementation of real-time emissions compliance and reporting in our plant control system," said Elsta's business manager, Joop Calje. "With Pavilion, we have seen a dramatic reduction of man-hours necessary for report generation and are able to achieve full compliance with emission-trading regulations."
28 countries, 12,000 power plants and factories
The EU Emissions Trading Scheme (EU ETS) started in 2005, and is the largest cap-and-trade scheme in the world. It covers all EU countries with around 12,000 installations.
The EU ETS Database provides the following information on all EU ETS installations:
contact details (address, email, phone number)
Sector de actividad
titular de la cuenta
account status
number of freely allocated allowances for the whole period 2005-2020
verified emissions and compliance status for the period 2005-2020
Number of CERs and ERUs surrendered for compliance from 2008 to 2012
Surrendered units information: type of unit (EUA, CER, ERU), originating registry, unit serial block ID, project identifier (for CERs and ERUs) with link to the CDM-JI Project Database
powerful analytic tools that provide you with strategic information such as the real emissions-to-cap figures calculated by installation, sector, city or country
The EU ETS Database also provides the following information:
pre-allocated allowances per country
allowance reserves per country
Allowance reserves include EUAs available for auctioning by Member States, as well as new entrant reserves and other special reserves (e. g. CHP reserves).
For subscribers to the Expert version
Word and Excel Report Generator . All the information from the database is available for download in Word, Excel or PNG (charts) format only to Expert version subscribers. Phone number and email address data of EU ETS contacts are also available only in the Expert version of the EU ETS Database. For more information on how to subscribe to the Expert version, please contact us by email at info@carbonmarketdata. com.
Mapping Tool
The EU ETS Mapping Tool enables you:
to navigate geographically through all countries, regions and administrative areas in Europe
to identify the power plants and factories located in specific areas
to view the distribution of carbon emissions and allowances across Europe
Functionalities
Browse functionality
You can navigate through the database in a very user-friendly way, at the level you want: all countries, country, sector, installation. At each level, all figures are automatically calculated: number of installations, distributed allowances, verified emissions and emissions-to-caps.
Search the database
You can easily access the information you need by using different filtering options (country, sector, number of allowances, emissions-to-caps, etc).
Dynamic graph edition
This functionality enables you - throughout the database - to edit a graph with the information you selected, in just a click.
Emissions-to-caps
The tool displays - in tables and charts - all emissions-to-caps calculated by country, sector and installation.
Installations details
You can access all the information on each installation: name of account holder, sector of activity, number of distributed allowances and verified emissions, emissions-to-cap figures, and all the contact details (of the account holder and installation 's representatives).
Information on sectors
You can view and compare information per sector very easily. The database can be used as a benchmarking tool to compare for instance a particular sector's performance across all EU countries.
Cap compliance statistics
For any selected sector or country, you can view the number of installations that emitted above and under their emissions cap.
Mapping Tool
The EU ETS Mapping Tool enables you:
- to navigate geographically through all countries, regions and administrative areas of Europe, - to identify the power plants and factories located in specific areas, - to view the distribution of carbon emissions and allowances across Europe.
Report Generator (Expert version only)
When you subscribe to the Expert version, you can download all the information you want and integrate it into your reports and spreadsheets. To make things easier for you, we developed a reporting tool that enables you to download nice tables and graphs directly into Word or Excel documents.
EU Emissions Trading Scheme - Phase III
Greenhouse gas coverage . carbon dioxide (CO2), nitrous oxide (N2O) and perfluorocarbons (PFCs)
List of EU ETS Sectors - Phase III
How the EU’s Emissions Trading System (doesn’t) work
I worked in the EU’s cap-and-trade mechanism, the Emissions Trading System (EU ETS), for almost seven years. It probably got me to the conclusion that the EU cannot work, and got me into UKIP. While I have written pieces that have touched upon the EU ETS in the past, I thought that it would benefit from a dedicated article. After all, every single power bill that we receive has this cost attached.
The EU ETS was borne out of the Kyoto Protocol in order to manage the world’s output of Greenhouse Gases (GHG) that they believed to be causing Climate Change (I will not discuss whether or not man’s activities are affecting the climate, that is not the point of the article).
Kyoto cut the world into 2 blocs, Annex One and non-Annex One lists of countries. Annex One countries were considered to be developed, and non-Annex One ones were considered to be developing. Annex One countries included the USA, Japan, the EU, Canada, Australia, New Zealand, and Russia, the Ukraine and Belarus. Non Annex One countries included China, India, and Brazil amongst many others.
Annex One countries were given mandatory caps top their GHG emissions expressed as a percentage of their 1990 levels, and to be achieved by 2012, with a full ‘truing-up’ due in 2017. Non Annex One countries were not set caps or targets. The rationale was that these countries had still to fully industrialise and develop, and so should not be burdened. The richer countries were thereby being handed the bill.
Annex One countries were awarded Assigned Amount Units (AAUs) to trade amongst themselves to hit their targets, and based this ‘currency’ in Carbon Dioxide units of equivalence.
Kyoto declared that there were two GHG types, Perfluorocarbons (PFC), Hydro Fluorocarbons HFC), and four GHGs, Carbon Dioxide (CO 2 ), Methane (CH 4 ), Nitrous Oxide (N 2 O), and Sulphur Hexafluoride (SF 6 ). Each gas was allocated a carbon equivalent, as follows:
PFCs and HFCs, being gas groups, have a series of ranges for the different versions of them, PFCs typically being around 8,000-9,000, and HFCs 11,000-12,000.
This means that if you abate/destroy/store one unit of Methane that is the equivalent of destroying 25 units of Carbon Dioxide, destroying one unit of Nitrous Oxide gets you 298 Carbon Dioxide points, and so on.
If Annex One countries were unable to source AAUs to cover their shortfall, they could in a project in another country and generate credits that way. These are called Flexible Mechanisms. A Flexible Mechanism based in an Annex One Country was titled a Joint Implementation (JI) and generated an Emission Reduction Unit (ERU), and one in a Non Annex One country was a Clean Development Mechanism (CDM) and generate a Carbon Emission Reduction (CER). The ERUs counted against the store of AAUs, and thus were subject to overall caps, while the CERs were a potentially an indefinite supply of carbon credits.
The European Union aggregated the member states Kyoto obligations, and passed the responsibility of compliance onto individual installations. They created the National Allocation Plans (NAPs), which covered around 12,000 installations all with thermic capacity of 20 MW/h or more. The NAPs includes the power sector, oil and gas refineries, cement works, iron and steel works, ceramics plants, pulp and glassware. Agriculture and transport were exempted.
Each member state awarded carbon credits to the NAPs based upon audits conducted from 1997-2001 of the installations’ emissions. These credits are called European Union Allowances (EUAs). The EU’s aggregated emissions amounted to over 5 billion tonnes of CO 2 .
The ETS was launched in 2005 with its Phase One, which was designed to be experimental, and did not involve any fines for non-compliance. All the NAPs were given a full allocation. Gratis. In order to be able to trade the credits, sell surplus ones and buy ones required, the NAPs had to have a functioning National Registry and connection to the International Transaction Log (ITL).
Inevitably, there were delays, and when the market launched hardly anyone was connected to the ITL, and several companies found themselves unable to access a route to market, and the delays were tortuous. But this chaos was nothing.
Once the first Verified Emissions Report (VER) was issued in 2006, it appeared that there had been a mass allocation of EUAs, and the value of the market plummeted from around €10 billion to zero, as 12,000 installations fled to sell excess credits, and even countries like the UK got in on the act and began to sell credits held back for any new companies (the New Entrant Reserve). By the end of Phase One in Spring 2008 the value of the credits stood at €0.00 when it had peaked at €32 per metric tonne.
Despite handing a multi-billion subsidy to the power and industrial sectors, the European Commission said that it was always meant to be a trial period, and these were just teething troubles.
Yet this was nothing compared to Phase Two which ran from 2008 to 2012, and is often referred to as the Kyoto Period.
During Phase Two old EUAs were scrapped and new ones issued. These new credits could now be held indefinitely for compliance purposes. Critically, in this period the NAPs could use ERUs and CERs for part of their compliance (roughly 15%). Here the problems really started.
HFC 23 has a CO 2 equivalent of 11,700. It is a by-product of HCFC-21, a refrigeration gas which is controlled by the Montreal Protocol. HCFC is regulated because it is believed that it is blasting a hole in the ozone layer. The Protocol allowed for the continued new build for HCFC-21 in the developing world (basically the same places as our Non-Annex One) until 2017, when they would have to begin to ramp down production. HFC-23 destruction is incredibly simple and dirt cheap (less than €0.01 per tonne). The ‘guide price’ of the EUA was always intended to be around €15-€20 pmt, so to destroy mass numbers of CERs from HFC-23 destruction was a golden opportunity. The process was so profitable that it actually paid for developers to build new HCFC-21 facilities just to get the HFC-23 by-product and flare it off and take the CERs. N 2 O abatement programmes offered similar opportunities, and in particular one French firm Rhodia developed its own carbon unit to take care of the distribution and sales of its CERs from just 4 ‘projects’. The lack of any caps in China and India made this an absolute goldmine. It is estimated that this created a €30 billion windfall for the two main host countries. And the power consumer paid.
There came next the problem of Russia and Ukraine. Emission levels there had collapsed with the fall of Communism, leaving them with billions of tonnes of AAUs. This is mostly referred to as “Russian Hot Air”. Getting the AAUs to market was always going to be problematic. They had enough to crash the system, but Putin was unwilling to really exercise this right, and they were both very slow to connect to the ITL. But when they did, it still paid them around €9 billion. The system allowed for two types of ERU, Track One and Track Two. Track Two credits were subject to third party verification via the UN run Joint Implementation Supervisory Committee (JISC) which would make sure the credits had actually resulted in GHG abatement. Track One ERUs, however, could become compliance instruments in the EU as long as the host country validated them. Amazingly, all credits were generated according to the Emission Reduction Purchase Agreements contracts, and some generated even more than forecast. Yet again, the EU was fooled, but it was the consumer who paid.
In 2010 a new scandal hit the carbon market. Organised crime got involved and conducted a VAT carousel fraud that is estimated to have cost the member states in excess of €10 billion, the best guess at the UK’s losses is €2 billion.
Later that year, criminals became involved again, and credits were stolen from members of the NAPs and dumped into the market costing millions to customers.
I was told, also, that money launderers were looking at the market as a means to wash their dirty money.
The questionable behaviour did not stop there. The European Commission wanted to raise €3 billion for itself, so it instructed the European Investment Bank to sell three hundred million Phase Three credits (2017-2020) that formed the next round of NER, and supposedly ring-fenced for latecomers to the market. The problem was that due to the recession industrial production had shrunk massively and creating another over-allocation of credits. The EIB was not going to be able to get the intended for €3 billion. So the European Commission intervened again. It amended the Emissions Trading Directive, and withdrew 900 million credits to boost prices. It deliberately tried to raise prices to aid its sale by taking credits out of circulation. The problem was, though, that it could not permanently remove the credits without opening up the Directive, and that might fail. So it awarded itself the right to intervene in Phase Four (2020-2030) if it thinks that prices are too low. Price rises that will all be passed onto the consumer.
I think that the final straw for me was that all of this gross incompetence and market manipulation has bled the consumers dry by granting billions of Euros to the power companies in windfall profits during the first Phase, gifted billions of Euros to China, India and Russia etc. and opened that whole market up to criminality, and yet the EU considers this dysfunctional racket its ‘flagship’. Due to the recession, the effects of the Energy Efficiency Directive, the Large Combustive Plant Directive, and the enormous growth in solar and wind energy subsidies the EU has hit its Kyoto target, it has hit its own 2020 target, and will not get stretched until 2027. But it wants, despite this mass reduction in emissions – the stated goal of the ETS – it wants to squeeze you all again and again, and expose itself to corruption, crime and being used.
Oh, and as a final note. In 2012 aviation was included into the ETS, shipping to follow in 2018, with plans for agriculture and house building post 2020.
It is no wonder that we seem to have been in a permanent recession since we joined the Common Market.
The latest Eurobarometer report http://ec. europa. eu/public_opinion/archives/ebs/ebs_413_en. pdf shows that 60% of UK respondents think that environmental matters are best solved by more Europeanisation of the issue. I think that I have demonstrated how the ‘europeanisation’ leads only to opportunism and fraud, leaving all the EU citizens out of pocket. I would like to see UKIP tackle the issue of carbon emissions and the EU ‘solution’ head-on and show that we know their system, and we know that it does not work. To me, that is a much stronger argument than saing AGW isn’t happening, when most people think that it is (I, for one, am utterly agnostic on the subject, but believe in getting more efficiencies into the system). The article may well be boring detail, but that is where one finds the Devil. Iain
Hi Iain, good article. I for one agree that the complexities and uncertainties clouding the climate science debate (and it certainly is debatable) need to be separated from the energy policy issue. UK energy policy is too important to be left in the hands of the FoE riddled DECC.
On the waste of money in the ETS, please have a look at this article I blogged a couple of years ago. Swiss investment house UBS found that $287billion of EU taxpayers money had been poured in to prop up the price of carbon in the ETS. That money could have reduced co2 emissions Europe wide by
42% if it had been invested in uprated conventional electricity generation. Would have employed a lot of people too.
Whose pockets is that cash in now?
Hi Rog, thank you for that. the UBS report (I think was written by Per Lekander, he wrote most of their stuff but from an equity perspective rather than from an energy/climate one, so his stuff is not really that relevant, as his focus was on lost opportunity rather than €287 billion really being sloshed away somewhere). However, it does bring me to a point that you have raised, who benefits? The answer is twofold, number one the Governments benefit as they now auction the power sector credits. This is new money as the credit is not backed by anything, so acts as an inflationary tool. But the proceeds from the Government go straight to them with no obligation to spend the money on specific environmental projects. This does leave the market very prone to being cornered. Speculative capital would buy lots of credits if they thought that they could generate a short squeeze. The second part of the answer is that the cost of the EUA drives up the power price so margins increase as a result, so that the power companies will benefit (albeit in a supremely short termist way). In particular it favours EDF who have a large nuke fleet, as it drives up the power price and they don’t have to attach EUAs to the power that they sell. The industrials are still enjoying a 70% allocation in the third phase, so here they can dump their credits and take the free win, then buy as they burn (Arcellor Mittal received many many billions from this windfall aspect).
A very tough read but well worth the effort. Thank you for this excellent article.
Thank you Mark. I hesitated from writing it for a while because it is tedious and lacks a lot of zippy one liners for people to take hold of and use. However, it is important that we demonstrate that we understand full well the EU and how it works (if need be down to the most minute level), and show that the whole thing is full of holes, and can never work. I also wanted to ram home the vast sums of money that the EU has wasted, and will continue to do so, on its vanity projects. Gracias de nuevo. Iain
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Emissions Trading: 2017 Data Shows Emissions Reduction
Brussels -- Emissions of greenhouse gases from installations participating in the EU Emissions Trading System (EU ETS) are estimated to have decreased by about 4.5% last year, according to the information recorded in the Union Registry .
European Commissioner responsible for Climate Action and Energy, Miguel Arias Cañete said: 'Even while our economies are getting back in the growth track, emissions continue to decrease. This once again shows that economic growth and climate protection can go hand in hand. This sends a powerful signal ahead of the new global climate deal to be agreed in Paris this December: carbon markets deliver cost-effective reductions. At the same time, the recession continues to have a lasting impact on our carbon market. I therefore warmly welcome the ambitious political deal on the Market Stability Reserve agreed by the Parliament and the Council very recently.'
2017 emissions decrease
The EU ETS covers more than 11 000 power plants and manufacturing installations in the 28 EU Member States, Iceland, Norway and Liechtenstein, as well as emissions from airlines flying between European airports.
Verified emissions of greenhouse gases from stationary installations amounted to 1,812 million tonnes of CO2-equivalent in 2017. These emissions were about 4.5% below the 2017 level[1] .
Back-loading stabilises surplus
The cumulative surplus in emission allowances has been slightly reduced from around 2.1 billion to some 2.07 billion for the 2017 compliance year. In 2017 auction volumes were reduced by 400 million allowances due to the start of the implementation of the back-loading[2] measure, which postpones the auctioning of these allowances. The 2017 cumulative surplus figure takes into account the exchange of international credits into allowances, sales of phase 3 allowances that generated funds for the NER300 programme which supports innovative low-carbon technologies, allowances allocated for 2017 and the auctioning of phase 3 allowances in 2017 (including aviation allowances).
High level of compliance
Companies' level of compliance with the EU ETS rules was again high. Less than 1% of the installations which reported emissions for 2017 did not surrender allowances covering all their emissions by the deadline of 30 April 2017. These installations are typically small and together account for less than 0.5% of emissions covered by the EU ETS. A small number of installations − accounting for less than 0.2% of emissions in the previous year − did not report their 2017 emissions by 30 April 2017 according to registry data.
Airlines report 2017 and 2017 emissions
According to the EU ETS Directive, for the period 2017-2017, all commercial and non-commercial aircraft operators with significant emissions[3] are responsible for their emissions from flights within the European Economic Area (EEA)[4]. Airlines that operated intra-European activities covered by the Directive during 2017 and 2017 were required to report emissions for both years, and surrender corresponding allowances by 30 April 2017. Verified CO 2 emissions from aviation activities carried out between airports located in the EEA amounted to 54.9 million tonnes of CO 2 in 2017, an increase of 2.8% compared to 53.4 million tonnes of CO 2 in 2017.
The level of compliance with the EU ETS rules is high: aircraft operators responsible for 99 % of aviation emissions covered under the EU ETS comply. This includes more than 100 commercial aircraft operators based outside the EU, which operate flights within the EEA.
Exchanges of international credits
The total number of international credits exchanged into allowances since the exchange function became operational in March 2017 amounts to 388.44 million.
Of these, 195.91 million were Certified Emission Reductions (CERs) and 192.53 million were Emission Reduction Units (ERUs). The CERs and ERUs exchanged came from projects taking place in a limited number of countries, with almost 77% of CERs originating from China and almost 77% of ERUs exchanged coming from projects in Ukraine.
Since 31 March 2017, credits issued in respect of emission reductions occurring during the first commitment period of the Kyoto Protocol (so-called 'CP1 credits') can no longer be exchanged in the EU ETS. The total number of 'CP1 credits' exchanged by 31 March 2017 was 386.06 million.
For full details, including the number and type of credits exchanged by 30 April 2017, by country of origin, project and commitment period[5]. see the Annex.
Under the EU ETS, installations are required to submit their verified emissions data for each year to Member State registries. For 2017, this data became publicly available on the European Union Transaction Log (EUTL) on 1 April 2017. The EUTL displays compliance data from 4 May 2017, with information on whether installations have complied with their obligation to surrender an amount of allowances equal to the last year's verified emissions.
The third trading period of the EU ETS began on 1 January 2017 and runs for eight years until 31 December 2020. The legislation reforming the EU ETS, laying down revised rules until 2020 and beyond, was adopted as part of the EU climate and energy package on 23 April 2009 (seeIP/09/628 ).
In May 2017, the European Parliament and the Council reached a political agreement to establish a Market Stability Reserve in 2018 to address the surplus of emission allowances that has built up and improve the EU ETS's resilience to shocks by adjusting thesupply of allowances to be auctioned (seeIP/14/54 ).
For more information:
Registries homepage of DG Climate Action on EUROPA:
Revised ETS and Frequently Asked Questions:
Annex: Exchanges of international credits
[1] Total emissions are compared for installations having reported emissions both in 2017 and 2017.
[4] The limitation of the EU ETS to flights within the EEA between 2017 and 2017 was agreed in Regulation No.421/2017, pending the agreement to be reached in 2017 in ICAO on a single global market based measure, to be implemented from 2020.
EU takes next step in making airlines pay for carbon
BRUSSELS The European Commission on Monday took another technical step to bring all airlines using EU airports into its carbon trading scheme, following on from last year's court ruling that, despite loud international opposition, the EU plan was legal.
U. S. Secretary of State Hillary Clinton and China are among those to have stated fierce objections to the EU law forcing airlines landing or taking off from the European Union to pay for carbon emitted.
Airlines, meanwhile, have begun buying carbon permits under the EU Emissions Trading Scheme (ETS) and carriers, such as Germany's Lufthansa, have said they will pass the cost on to passenger fares.
At first, airlines will get free allowances to cover some 85 percent of their emissions and their bill will only be calculated after their carbon output has been added up at the end of the year.
To begin the accounting process, the Commission on Monday partly activated its registry to centralize carbon allowance accounts currently held under national registries, pending full activation, which will not take place before June.
"We have jointly taken the decision to partially activate the Union registry based on the assurance that the system is ready from a security and operational point of view," said a letter from the Commission to EU member states seen by Reuters.
The effect is that from Monday, aircraft operators can open accounts in the central EU registry and will then become eligible for free allowances.
At the end of February, they will receive a first tranche of roughly 181 million aviation carbon permits to be handed out in 2012.
(Reporting by Barbara Lewis and Francesco Guarascio; editing by Keiron Henderson)
Aircraft
EU EMISSIONS TRADING SCHEME – AIRCRAFT OPERATORS
Directive 2003/87/EC as amended by Directive 2008/101/EC requires aircraft operators that perform flights which depart from or arrive at an aerodrome situated in the territory of a Member State of the European Union to comply with requirements under the EU ETS, unless exempted pursuant to the criteria set out in the Directive.
Scope – Annex I to the EU ETS Directive.
If you are an aircraft operator, you can determine whether your organisation falls within the scope of the EU ETS on the basis of Annex I to the EU ETS Directive. Detailed guidance on interpreting Annex I in so far as it relates to aviation activities may be found in Decision 2009/450/EC .
The Directive provides for one EU Member State to be responsible for administering each aircraft operator participating in the EU ETS. Maltais the administering MemberStatein respect of:
a) an aircraft operator with a valid operating licence granted by the civil aviation authorities of Malta (Civil Aviation Directorate – Transport Malta);
b) an operator that either holds an operating licence issued by a state that is not an EU Member State or that does not require an operating licence to perform aviation activities, and for whomMaltahas been identified as being the EU Member State with the greatest attributed emissions from flights performed by that aircraft operator in the base year. For an aircraft operator that started operating to/from the European Union after 1 January 2006, the base year is the first calendar year of operation; for an operator that started operations in the Community before 1 January 2006, the base year is the calendar year starting on 1 January 2006.
The European Commission publishes, on an annual basis, a list of aircraft operators which operated an activity listed in Annex I on or after 1 January 2006, specifying the administering Member State for each aircraft operator. Information relating to the list of aircraft operators can be accessed here .
It is important to note however, that if your organization is not on the list it does not necessarily mean that your organization does not fall within scope of the EU ETS. If you are not on the list but do perform an aviation activity as listed in Annex I, then you are required to meet all relevant obligations set out by the EU ETS Directive.
Allocation process – auctioning and benchmarking
The total quantity of allowances – the cap on emissions – available for all aviation operators falling within scope of the system is determined according to modalities set out in the Directive.
For the year 2012, the total quantity of allowances shall be equivalent to 97% of the average of the annual emissions in 2004, 2005 and 2006 from aircraft performing an aviation activity listed in Annex I. For the period 2017 – 2020, the cap shall be equivalent to 95% of the average of the annual emissions in 2004, 2005 and 2006 from aircraft performing an aviation activity listed in Annex I.
Allocation of allowances to aircraft operators is partly free on the basis of benchmarking and partly through auctioning (15% of total allowances will be auctioned for the periods 1 January 2012 to 31 December 2012 and for the period commencing 1 January 2017).
Free allocation of allowances is not automatic – it is subject to application in accordance with provisions in the directive. The initial free allocation process for the years 2012 and 2017-2020 has now been concluded. The following are the free allocations, for the two periods, as determined for those operators falling underMalta’s administration responsibility who have applied for free allowances:
Monitoring of tonne-km and annual emissions data
If you are an aircraft operator falling within scope of the EU ETS and intend to apply for free allowances (from the special reserve), you are required to have a tonne-kilometre data monitoring plan which is approved by the Competent Authority.
If you are an aircraft operator performing Annex I activities, it is then mandatory to have an approved monitoring plan for annual emissions.
As from 2017, the monitoring rules provided for in by Regulation (EU) 601/2012 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC apply.
Please consult the competent authority regarding the templates for the submission of monitoring plans.
Guidance documents on monitoring and reporting:
Common EU guidance on monitoring and reporting may be found here.
Reporting of tonne-kilometre data and annual emissions
If you are an aircraft operator that intends to apply for free allowances, you will be required to submit a report containing tonne-kilometre data for the relevant monitoring year. Please consult the competent authority regarding the template for the reporting of tonne-km data.
Directive 2003/87/EC provides for an obligation for aircraft operators falling within scope of the EU ETS to annually submit verified emissions reports – the deadline for submission of each (calendar) year’s report is 31 March of the following year. Please consult the competent authority regarding the template for the reporting of annual emissions data.
Reports shall also be verified by a competent, independent, accredited verifier before being submitted to the Competent Authority. Verification of reports and accreditation of verifiers is regulated by Regulation (EU) 600/2012 on the verification of greenhouse gas emission reports and tonne-kilometre reports and the accreditation of verifiers pursuant to Directive 2003/87/EC. A verification report issued by the verifier must accompany the emissions report when this is submitted to the Competent Authority. Please contact the competent authority regarding the verification report template to be used.
Entitlements of international credits for the years 2008-2020
Article 11a of Directive 2003/87/EC, as implemented through Commission Regulation (EU) No 1123/2017, provides for the determination and publication of international credit entitlements for the period 2008-2020 for aircraft operators falling within the scope of the EU ETS.
The following table presents the respective entitlements for the listed aircraft operators. The indicated entitlements (fourth column) are subject to approval by the European Commission. These values are based on the latest total reported verified emissions and represent the total quantity of international credits that may be used during the period 2008-2020 – as such, they will require updating on a year-by-year basis. The values do not take into account how much of the entitlement has been used.
Aircraft Operator Name
Greenhouse gas emission allowance trading: Latvia
Published: 23, March 2017
Abstract
The author's aims of the bachelor paper are to investigate and describe the targets of the Kyoto Protocol and European Union Emission Trading System, as well as do a research, analyze and evaluate the emission trading experience of the government of Latvia and two country's largest power generation companies 'Latvenergo AS' and 'Liepajas Siltums'.
The bachelor thesis consists of introduction, three chapters, conclusion and suggestions, bibliography and appendices. In the first two chapters the author gives an insight in the Kyoto protocol and emission allowance trading system in general. But the fourth chapter looks at the practical example of emission trading in Latvia.
The bachelor thesis is worked out on 62 pages, and includes 3 figures, 11 tables and 5 appendices which provide detailed information promoting better understanding of the topic.
The bachelor thesis is worked out basing on the directives of the European Union and the Republic of Latvia about the emission trading scheme, the financial reports of 'Latvenergo AS' and 'Liepajas Energija' in the accounting years from 2006 to 2008, the press releases of Ministry of the Environment and 'Point Carbon' data.
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In the process of the bachelor thesis there are basically used such empirical and theoretical research methods as observation, comparison and economic analysis.
Anotacija
Autores izvirzitais darba merkis ir izpetit un aprakstit Kioto protokola merkus un Eiropas Savienibas emisiju tirdzniecibas sistemu, ka ari izpetit, analizet un novertet Latvijas valdibas un divu lielako energijas ražošanas uznemumu emisiju tirdzniecibas darijumus.
Bakalaura darbs sastav no ievada, 3 nodalam, secinajumiem un priekšlikumiem, ka ari izmantotas literaturas un avotu saraksta. Darba pirmajas divas nodalas autore sniedz ieskatu Kioto Protokola darbiba un no ta izrietoša emisiju tirdzniecibas sistema, raugoties no teoretiska viedokla. Savukart ceturtaja nodala tiek aplukots praktiski piemeri par emisiju pirkšanu un pardošanu starp uznemumiem un valstim.
Bakalaura darbs izstradats uz 62 lapaspusem. Darba ievietoti 3 atteli, 11 tabulas un 5 pielikumi, kuros tiek sniegta detalizeta informacija, kas veicina labaku aplukota temata izpratni.
Darbs pamata izstradats, balstoties uz Eiropas Savienibas un Latvijas Republikas direktivam par emisiju tirdzniecibu, "Latvenergo AS" finanšu parskatiem, Latvijas Republikas Vides Ministrijas preses relizem un 'Point Carbon' datiem.
Darba izstrade galvenokart tiek izmantotas tadas empiriskas un teoretiskas izzinas metodes ka noverošana, salidzinašana un ekonomiska analize.
Introducción
Global warming has been an issue
In 2005, when the Kyoto Protocol came into force, the European Union Member States created Emission Trading Scheme for the implementation of the Kyoto targets.
This thesis aims to look at the Kyoto Protocol and consequent emission trading in Latvia. The author's aim is to analyze and evaluate how the EU Emission Trading Scheme works in Latvia using two practical examples of largest polluters and one example of government of Latvia trading carbon permits and what kind of impact does it leave on the economy of Latvia.
The following tasks:
Gather the information about the Kyoto Protocol and Emission trading in general
Do the research on Emission trading in Latvia
Look at the most important legislations about Emission trading
Analyze financial reports of 'Latvenergo AS' and
Press releases in media, reports
Electricity prices
Give an evaluation
In the creation of the thesis, author applies such empirical and methods
The thesis consists of 5 parts and X appendices. First three chapters concentrate on theoretical cognitions, arguments and the assessment of the thesis subject. The fourth chapter contains the results of the research about the emission trading in Latvia. The conclusion summarizes all the findings and suggestions that reflect the most important of the thesis.
Kyoto Protocol and Emission Trading
Brief Introduction of the Kyoto Protocol
Kyoto Protocol is linked to the United Nations Framework Convention on Climate Change (UNFCCC), and it is an international agreement with a goal to prevent the climate change. Kyoto Protocol was adopted in 1997 in Kyoto, Japan and became effective on February 16, 2005. In 2001 the more detailed rules of the Protocol were adopted in Marrakesh, hence the name "Marrakesh Accords." Majority of the experts admit that this treaty is not a perfect tool for stabilization of the greenhouse gas (GHG) concentrations in the atmosphere, nevertheless it is very important starting point for achieving the goal.
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Since the 150 years of industrialization has mostly taken place in developed countries, it is simply understandable that these countries must take the responsibility for the GHG emission amount in the atmosphere. The Protocol is ratified by 184 countries and the most important aspect of it is that it sets binding targets for 37 developed countries and the European Union countries for decreasing GHG emissions.
The Kyoto Protocol and the United Nations Framework Convention on Climate Change are often being mistaken as the same thing, although it has one major difference. The Convention just encourages countries to mitigate current levels of GHG emissions but the Kyoto Protocol obligates developed countries to comply with it.
Objectives and principal concepts
The Kyoto Protocol has exactly the same ultimate objective as the UNFCCC. The targets of both documents are to reduce 5% of the emissions in the atmosphere compared to the levels of 1990 by the year 2012.
The following five principal concepts are the fundamentals of the Kyoto Protocol:
Commitments. The most important aspect of the Protocol is the establishment of legally binding commitments regarding mitigation of GHG emissions for all the parties that have adopted the Protocol.
Implementation. The countries set up policies and measures for the reduction of GHG emissions in their countries. In order to achieve the goals of the Protocol, parties are also required to operate with the mechanisms that increase the absorption of GHG. These mechanisms include, for instance, joint implementation, the clean development mechanism and emission trading. These activities are compensated by granting additional credits that would permit more GHG emissions.
Minimization of the impacts on developing countries. This issue is solved by establishing an adaption fund for climate change.
Accounting, reporting, review. These activities are important for ensuring the integrity of the Kyoto Protocol.
Conformidad. The compliance with the commitments that are legally binding for all of the parties is very crucial. In order to ensure this, the compliance committee has been established.
Criticism of the Kyoto Protocol
There are different opinions on whether the Kyoto Protocol is the right approach for preventing the global warming. The following shortcomings behind the Protocol are considered the most notable that question the benefits of the whole idea.
Costs cannot outweigh the benefits Economists have been trying to calculate overall net benefit of the Protocol and some of the environmental economists are very critical of the Kyoto Protocol. Many of the professionals think that the costs cannot outweigh the benefits. Some of the economists have estimated that even if the Kyoto Protocol is successfully implemented, the reduction of emissions will not achieve the planned temperature decrease.
Exclusion of developing countries Majority of the developing countries utilize much older technologies than developed countries. They do not have appropriate infrastructure or enough assets to implement more environment friendly technologies. If the Protocol excludes these countries from legal binding targets, they will keep utilizing the same outdated machines. Even if developed countries reduce their emissions, the population and economy growth in developing countries may offset all the gains.
Costs of economic implications If the targets of the Kyoto Protocol are reached by 2020, this may be very beneficial in the future. However, if the immediate effects are looked at, it does not justify the costs in comparison. Many experts think that there are far more important disasters in the world where, if the action would have been taken now, millions of lives could be saved. For instance, provide the nations who need it with clean drinking water. If these kind of global priorities are compared to the direct costs of the implementation of the Protocol, some experts weigh them as more important at the moment.
There is also some criticism about the methods used in the Protocol. For example, some specialists do not approve the base year of 1990, because at that time different countries had very different achievements in energy efficiency. A carbon tax is widely suggested as an alternative.
Greenhouse Gas Emissions
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Greenhouse gases may occur naturally, as well as they may be emitted in the atmosphere through human activities. Greenhouse gases trap heat in the atmosphere, thereby keeping the earth about 33 degrees Celsius warmer than it would be without these gases. Gases that are created by human activities are carbon dioxide (CO2), Methane (CH4), Nitrous Oxide (N2O) and fluorinated gases. The most prominent one is carbon dioxide which accounts for about 76% of the greenhouse gases in the atmosphere.
Current Situation and Trends
There has been a significant growth in greenhouse gas emission levels since industrialization. In 34 years time from 1970 to 2004, global GHG emissions have increased by 70%.
The amount of total GHG emissions is growing every year and it is estimated that on average for the last three decades greenhouse gas emissions were increasing by 1.6% annually. The main anthropogenic GHG is carbon dioxide (CO2) and its annual emissions have increased by 80% since 1970. Carbon dioxide emissions from the use of fossil fuel over the last three decades have a significant increase with a rate of 1.9% per year. These trends are expected to continue, therefore the most important drivers of the GHG emissions, like global energy demand and utilization of fossil fuels, must be worked on.
CO2 that results from the use of fossil fuel accounts for 56.6% of the total global GHG emissions. Significantly smaller emission contributor with 17.3% is CO2 gas that forms from the deforestation and decay of biomass. Both largest contributors, CO2 from the use of fossil fuels and CO2 from the deforestation, are followed by CH4 gas from agriculture, waste and energy and it constitutes only 14.3% of the total emissions. N2O emissions vary across different countries and regions depending on their agriculture, combustion technologies, waste management and climate, but its share of the total global emissions is 7.9%.
The energy supply and industry sector accounts for the most of the total emissions in the atmosphere, 25.9% and 19.4% accordingly. These two sectors are followed by the forestry sector that accounts for 17.4%. Agriculture and transport sector have roughly the same share size, 13.5% and 13.1% respectively.
Detailed global greenhouse gas emission contributors by sector, the end activity and the exact gases they produce. Transportation sector produces only CO2, whereas electricity, heat and industry account for several gases, including methane and nitrous oxide. If one looks at the distribution more in detail, it can be seen that deforestation forms 18.3% of the total end activities. Asia, South America, and Africa have the highest emissions from the deforestation in the world. The destruction of the forests sends estimated 1.6 tons of carbon emissions per year into the air. Other considerable activities are residential buildings, road and oil/gas extraction, refining and processing, which account for 9.9% and 6.3% accordingly.
Projections
Although, there are several attempts to reduce energy intensity in developed countries, developing countries expand their industry and thereby intensify the usage of energy. It is projected that GHG emissions in the year 2030 will be 40 to 110% higher than in the year 2000. Kyoto projections for GHG emissions in 2030 consistently show 25 - 90% increase compared to 2000. In addition, most recent projections always show higher number than the earlier ones.
The estimates show that GHG emissions will continue to increase and this growth will result in further warming. It is projected that the average temperature will increase by at least 0.2% per decade for the next two decades, causing many changes in the environment. If the Kyoto Protocol manages to keep the levels of GHG emissions at the rates of the year 2000, a warming of about 0.1% per decade is expected.
Emission Trading
Emission allowance trading system is a foundation stone in the fight against global warming. The first international GHG emission allowance trading system in the world is European Union Emission Trading System (EU ETS) and currently it covers more than 10500 installations across the European Union Member States. As of 2008, in addition to the European emission trading system, countries can trade the Kyoto Protocol's trading units (Assigned Amount Units - AAU) in the international market as well.
The objective of the allowance trading system is to help member states to comply with the binding targets of the Kyoto Protocol. The system does not set new targets but lets the member states to reach the goals of the Protocol with lower costs.
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Participants of the trading system are both, member states and companies. The allocated emission amount is set in the second Emission Allocation Plan from 2008 to 2012. Member states can participate by selling or buying emission allowances in the system, if they are registered in the national or international registry.
There are two kinds of registry systems:
38 member states have created their own national registries which account for the allocated emission allowances for each country
The UNFCCC Secretariat has implemented the Clean Development Mechanism (CDM) registry in order to be able to distribute the CDM credits to member parties. This registry serves only CDM project participants and it does not allow emission trading between accounts.
Emission trading example
Companies A and B, each accounts for 100000 tons of GHG emissions per year. The government has distributed maximum amount of allowances for each company - 95000 tons. This means that neither of both companies can comply with the plan of the issued GHG allowances. At the end of each year, companies have to report the actual amount of their emissions and the compliance with the distributed emission allowances. If a company refuses to share this information, it can be fined with 100 Euros for each ton of emissions in the period from 2008 to 2012.
Assume that companies A and B are determined to comply with the allowed amount of emissions and will publish the data of GHG emissions. Companies have two possibilities to attain the compliance with the distributed allowances:
Companies can reduce their GHG emissions to the amount that would comply with the number of allowances they have, or
They can purchase allowances on the emission market for additional 5000 tons of emissions.
Since both companies operate differently, each has to assess the economic value of each option and select the one with the lowest costs. For better illustration, it is assumed that price for the allowance that covers one ton of GHG emissions is 10 euros.
If the company A reduces its production intensity, therefore reducing amount of emissions, it would result in the decrease in profit of 5 euros for each ton of emissions. If the company A calculates its expenses for buying additional GHG emission allowances instead of reducing production intensity, data show that it would require 50000 euros to cover the costs. On the other hand, if the company decreases its intensity, it requires only 25000 euros.
It may happen that the company B has completely opposite situation. Assume that slowing down the production would cost 15 euros for each saved ton of emissions which is considerably higher than the price of allowance. Therefore, the company B would require 50000 euros for buying additional allowances contrary to 75000 euros that would be lost as a result of the production slow-down.
This example shows that company A would reduce its production intensity and GHG emissions to 90000 tons, but company B would purchase GHG emission allowances for additional 10000 tons of emissions. The emission trading provides the opportunity for both companies to use the most cost efficient operation. Since the emission trading is working across all European Union countries, companies can easily find the transactions that are beneficial for all parties. The emission trading scheme provides flexible and economically beneficial opportunities for both companies for reaching the goals of Kyoto Protocol.
Historia
In the history, there have been two forms of emission trading programmes:
credit trading
allowance trading
Credit trading provides the possibility to reduce emissions above and beyond pre-specified legal requirements to be certified as tradable credits. Credit trading programs deal more with specific projects or sources.
On the other hand, allowance trading defines an aggregate emissions cap and then the emissions that are authorized by this defined cap are allocated to eligible parties.
In general, credit trading systems have not performed well throughout the history, because of the lower security environmentally and are bound with higher transaction costs which have lead to decrease of trading. However, there were the programmes of allowance trading that have generally met the expectations.
European Union Emission Trading Scheme
The European Union Emission Trading Scheme (EU ETS) was launched in 2005 and at the moment it is most ambitious and largest example of greenhouse gas emission trading world-wide. Currently it overlooks more than 10 500 facilities in 27 European Union (EU) member countries. ETS covers five major industrial sectors that produce almost half of the CO2 emissions in EU. The trading system until now has three trading periods.
Phase I or the first trading period which was called "learning phase" ran through 2005 to 2007. During this period 362 million tonnes of CO2 emissions were traded and the sum of these transactions reached 7.2 billion euros. Phase II or the second trading period started in 2008 and it will last until 2012. European Union member states have committed to mitigate emissions by 8% compared to the base year 1990 until 2020, which will be the end of the third trading period or Phase III.
Market Trends and Price Development
Trading within EU ETS started already in early 2003. It was when the first trades with EU emission allowances were done and, as the year progressed, trading volumes rose to significant levels.
When the scheme officially started in January 2005, the price level was 8.3 euros per allowance or ton of CO2. During the first weeks, the market price dropped to 7 euros. After this drop at the end of January, prices again started to increase and this rise accelerated in February. The prices climbed steadily until July when they hit the all time highest - 30 euros per ton of CO2.
There were several reasons for this volatile price movements from which the fuel markets, economic trends, weather conditions and the situation in EU member states are considered as the most important ones.
The reason why the market started with the price of 7 - 8 euros and gradually rose to 30 euros was the growing of the emission trading market over time. The first traders in the market were Northern and Western European energy companies. After this part of Europe, also the energy companies from Southern part entered the market. In addition, the companies from new member states had not been started to participate completely, which caused an imbalance between supply and demand. Since the market players could not provide the increasing demand for emission allowances, the price increased.
Price development factors
There is not one single reason that dictates the fluctuations of the prices. On contrary, there are several factors that influence price movements.
One of the factors that is typically pointed out as the most important one is fuel prices. If the gas prices are lower in relation to coal, the use of the gas becomes more profitable. This leads to lower emission levels from power production, as a result, the need for emission allowances lessens and therefore also the price goes down. In the long run, it is very hard to draw to a conclusion, whether emission allowances have a huge impact on fuel price or whether it is the other way around. Nevertheless, there is some temporary correlation between these two and it can be said with a certainty that fuel price is one of the factor that causes fluctuations in GHG emission allowance prices.
Another factor that is driving price movements is electricity. A company that produces electricity has to cover its emissions with emission allowances and it increases the production costs, therefore a correlation between electricity and emission allowances occurs. For example, the water level in the Northern reservoirs and emission allowances are two of the main factors that influence electricity prices in the Nordic market.
One of the many explanations for the price development is also the extreme weather conditions. If there is, for example, an extreme weather conditions in Northern Europe, it can balance out with the extreme opposite of weather in other part of the Europe. In line with theoretical considerations, warm weather has a positive effect on allowance prices while cold weather has a negative effect and leads to an increase of allowance prices. However, the price of GHG emission allowances is dependant on the weather in Europe because it affects the emission development in Europe.
Another force that most probably can influence the price movements are most active companies that operate in sectors where the price of emission allowances can be transferred to the price of their own production. Of course, it can be done only by the companies that do not face very fierce international competition and can afford to pass on the price of emission allowances to the price of their own products.
For the emission market to be reliable and predictable it is very important that the rules and regulations of the trading are not changed during the trading period. If, for example, changes in national allocation plans or schedules in implementation of national registries are made in the middle of the trading period, it can cause rapid price movements. Changes make it difficult for companies to operate in the market, as it becomes very unpredictable.
Trading System problems
There are many emission trading system opponents, who say that selling allowances to the highest bidder does not necessarily mitigate emission amount in the atmosphere. Critics also argue that the following problems prevent the system to be entirely effective:
Oversupply
Phase I did not bring the desired results because the allocation was greater than the actual emissions within the European Union member states. If there are more emission allowances than emissions, companies can keep polluting the air at previous levels and the whole idea of emission mitigation does not work. Over-allocation was also evident when the market price of carbon permits collapsed due to the very small demand compared to supply. In addition to stronger emission reduction targets, Phase II has tighter allocation plans that are expected to help achieving emission trading targets.
Price Fluctuations
Emission allowance market price in the first two weeks of Phase I increased four times, and following six month surprised emission trading participants with the price collapse. Over the next 12 month in 2006 price kept declining, reaching almost zero at the end of first trading period in 2007. First four months of the second trading period started with a rapid price increase, which was followed by downward movement. As every such volatile market, the spot prices are affected by the single event concerning emission trading, for example, after the Copenhagen conference in December 2009 that failed to commit to legally binding agreements on emission reduction prices fell by nearly 9%. (13) Such price volatility does not assure market participants and may create adverse incentives to invest in environment friendlier technologies.
Frauds
In December 2009, the estimated value-added tax loss on carbon trading over the last 18 months was at least 5 billion euros. ETS participants require registering in order to be able to take part in emission trading. Most of the fraudulent registers have occurred in Denmark, where the regulations are not as strict.
Overall benefits
There are many critics who say that emission trading does very little to prevent global warming overall, because participants who have unused allowances sell them to highest bidders. Furthermore, some of the researchers have calculated that only 40% of the emission fall can be attributed to emission trading system from 2007 to 2008. Other 60% occurred due to the recession which led to the decrease of industrial products' demand. As a result, lesser fossil fuel for production was used.
Emission Trading in Latvia
Latvia signed the United Nations Framework Convention on Climate Change (UNFCCC) in 1992 and ratified it in 1995. Latvia also signed the Kyoto Protocol in 1998 and ratified it in 2002. Since then, Latvia has participated in the European Union Emission Trading System and actively taken part in the activities that result in emission reductions in the atmosphere.
Las tendencias del mercado
GHG emissions in the Baltic States differ, but all three countries, including Latvia, have lower emission levels than the Kyoto target. The reduction of the emissions in fuel combustion sector is the main target in lowering the emissions, as this sector accounts for 75 to 86% of total GHG emissions.
Kyoto Obligations for Latvia
In 1990, Latvia emitted 29107 Gg of CO2 equivalent. Since the Kyoto Protocol sets the target to reduce emission levels during the second commitment period from 2008 to 2012 by 8%, Latvia must keep the amount of emissions lower than 26778 Gg. Latvia's base year under the Kyoto Protocol is 1995 for fluorinated gases and 1990 for all other GHGs.
There are no evident problems for Latvia in implementing the Kyoto target, as well as EU GHG emission reduction target set for 2020. The red line indicates the Kyoto target and the estimates show that Latvia will only use about two thirds of the allowed emission quota by 2020.
Key Greenhouse gas Data
Energy sector accounted for the major part of GHG emissions in 1990 and after 17 years this sector still remains the largest polluter in Latvia.
In 1990, 22.23% of all the GHG emissions were created by agriculture. Although, the percentage has fallen to 17.04% in 2007, this sector is still the second largest polluter. The change can be explained with the many agriculture reforms since country's independence. In the first years after 1990 there was a significant decrease in production due to the market restructuring and major decline of the government's support for agriculture.
Another noticeable change is in the waste sector. In 2007, the share of the waste sector is twice as big as it was in 1990. On average the volume of waste that is generated by each European citizen is growing constantly and it is projected that in 2020 there will be an increase of almost 50%. Another consideration is the low quantity of waste that is recycled or re-used in Latvia that would otherwise contribute to large amount of indirect mitigation of GHG emissions.
The remaining two sectors - solvents and industrial processes - have kept roughly the same share of the total GHG emissions during the 17 year period.
GHG trends and projections from 1990 to 2020 by sector in Latvia. There are several factors in different sectors that determine the movements of emission levels in Latvia:
Energy (including transport)
Energy sector is the major source of GHG emissions and accounts for 73% of the total emissions. Over the last three years, the emission levels have become rather stable, but with the tendency to grow. The emission growth in energy sector can be explained with the constant growth of the number of motor vehicles, therefore there are more emissions in transport sector. Transport sector produces 31.7% of the total emissions and 43.3% of the total energy sector emissions. Emissions in transport sector have increased by 9.3% since the year 2006. The greatest CO2 producer in energy sector is combustion of natural gas in both, public and private sector, which is due to increasing demand for electric and thermal energy.
The increase of natural gas consumption occurs because of the fuel replacement from liquid and solid fuels to the natural gas. This change has been supported by the price and availability of natural gas, as well as the law that specifies restrictions on sulfur content in the liquid fuels.
Another contributor to increased emission levels in energy sector is the heavy development of industry and building.
Agriculture
Agriculture is the second most important source of GHG emissions and it accounts for 17% of the total GHG emissions in Latvia. Compared to the year 1990, in 2007 the emissions in the agriculture sector were down 65%. The main reason for this decrease was the restructuring of national economy. The restructuring affected the large-scale farms which were forced to create smaller farms and this led to a heavy decrease of the production in local farms.
The forces that affect the fluctuation of emission levels are the changes in livestock and the consumption of mineral fertilizers.
Industrial Processes
This sector has produced 2.3% of the total emissions. The greatest decrease of GHG emissions was through 1991 to 1993 when the industry sector experienced crisis due to the political, economical and social changes after Latvia regained independence. However, since 2000, because of the development of industry, GHG emissions have again increased. Over the past three years, as there is an improvement of well-being and the volume of building doubles every year, the demand for industrial products has significantly increased. As a result, there has been an increase in the amount of raw materials used in production, as well as produced industrial materials.
Solvents
The use of solvents generates 0.5% of the total emissions. GHG emissions in this sector are connected to the economic situation in Latvia and during the last 20 years the level of emissions has been constant.
Waste
Compared to 1990, in 2007 there is approximately 0.9% decrease of GHG emissions in waste sector. However, if 2007 emission levels are compared to the year 2006, there is an increase of 3.2%. This is due to the larger amount of buried waste. GHG emissions in waste sector account for 6.9% of the total emissions in Latvia.
Land use, land-use change and forestry
Land use, land-use change and forestry (LULUCF) is the source of attraction in Latvia. Compared to 1990 the attraction now has increased by 49%.
The emission levels in all the mentioned sectors are below the Kyoto targets, which results in the participation in emission trading scheme. Although, Latvia does not create the pollution that would require to purchase additional emission allowances, it still must implement the structure for emission trading implementation.
Emission Trading Procedure
According to Article 32.7 of the Law "On Pollution" and Article 20 of the Rules of Cabinet of Ministers No. 400 "Siltumnicefekta gazu emisijas atlaujas pieteikšanas un izsniegšanas kartiba" Latvian Environment, Geology and Meteorology agency provide society with actual information relating emission allowances trading.
Operations with the emission allowances are done electronically by using Emission Trading Registry (ETR) that is also established and maintained by Registry administrator - Latvian Environment, Geology and Meteorology Agency.
As soon as one has received an emission permit, the account for the participant in the Emission Trading Registry by an administrator is created. Only after the closing of contract with the Registry physical persons or legal entities can start participating in the emission trading.
Price Development in the first trading period 2005 - 2007
The trading period from 2005 to 2007 was evidence of the fact that if the price for the emission allowances is not high enough, the system will lack incentives for emission reduction.
Emissions rose in 2006 and 2007 which was associated with the sudden price decrease in this time period. The sudden price collapse during the Phase I was supported by the decision of the European Commission to ensure stricter emission allowance allocation in Phase II.
The allowance prices were fluctuating rapidly during the emission trading pilot phase. When the trading officially started in January 2005, the EUA price was 8 euros per ton of CO2 emissions. After only six month in July 2005, the prices had increased to 30 euros. During the next half a year price fluctuated in the range from 20 to 25 euros, and the year 2006 started with a rise to 30 euros again. On the least week of April 2006 after the verified 2005 emission data were disclosed, it was realized that there is surplus in the market due to the fact that it was oversupplied with allowances, in comparison to the emissions they were meant to cover. European Union Emission Allowance (EUA) price immediately dropped below 10 euros per ton and only after the four day adjustment by 54% it returned to the range of 15 to 20 euros. This did not last very long and, since July 2006, Phase I prices were declining steadily. In May European Commission again issued the data which stated that emissions were about 4% lower than yearly allocation. Due to the fact that apparently less abatement was needed than initially expected, EUA price by January 2007 was below 4 euros.
EUA futures prices for delivery in Phase II and spot price are correlated until October 2006, when the forward prices for 2008 were trading around 16 euros, whereas spot price is steadily declining. This huge difference was primarily because of European Commission which assured that Phase II will have stricter allocation plans and tighter targets.
Price Development 2007 - 2009 (Second Trading Period)
In the second trading period European Commission reduced the number of allowances issued by 6.5%, therefore reducing the EUA supply in the market.
The evident price increase in 2008 when the CO2 emissions were considerably lower compared to the year 2007. Other improvement for Phase II was allowing all of the unused allowances to be held and used in later years, for example, in Phase III. And this means, there is no need to sell large amount of EUA at the end of trading period just to gain some earnings.
The year 2009 has also been full of unpredictable fluctuations. The last quarter of 2008 had a spot EUA price of 26 euros which dropped sharply to 8 euros in February 2009. It was the time when companies realized serious effects of financial crisis. However, the price started to recover in April and until the end of quarter four in 2009, allowances are traded in the range of 12 to 15 euros.
EUA Price forecasts
On December 11, 2009, Societe Generale/orbeo changed its EAU price forecasts for 2010 and beyond. Since the recovery of the economy is expected, companies are encouraged not to sell but rather pile up their carbon permits. The climate conference from 7 to 18 December, 2009 took place in Copenhagen and due to the lack of binding agreement at the end of the conference, the price of allowances briefly dropped 8.7% to 12.4 euros a ton. (22) But by the end of December the companies owning allowances should have realized how many unused carbon permits they have. Therefore, Quarter 1 of 2010 might be time when companies attempt to sell their unused allowances and, unless utilities start to seriously acquire EUAs, prices are going to significantly fall. Other reason for the major price decrease is forecasted weather this winter. It is expected to be very rainy and rather mild, and it most likely will decrease demand for electricity. Since there are several alternative sources for power, the weather conditions could cause EUA prices to fall. The forecast for first quarter of 2010 is 12.5 euros per ton, which is down from previous estimate of 14 euros.
Starting with second quarter and onwards, projections show the recovery of EUA prices. By the quarter 4, the market prices should increase to about 19 euros a tonne, which is up from previous projections of 16 euros.
Overall, the forecast for average EUA price for the whole year 2012 is 16.1 euros, which is again up from previous one of 15 euros.
According to 'SocGen' forecast, in 2012 average EUA price is expected to be 23 euros, which is up from previous forecast of 20 euros a ton.
If projections for the next ten years are examined, a further increase is evident. On October 29, 2009 Point Carbon updated its forecasts as well. Although, these forecasts are not as optimistic as the ones in the May 2009 issue, it still shows prices that are significantly higher than the present ones. In 2017, prices of European Union allowances are expected to be 37 euros per ton. The main factors are considered to be the different European Union and the US opinions about the issues of emission reduction, which was the main reason why a legally binding agreement at the Copenhagen summit was not agreed on. And at the moment, the continuing recession keeps leaving the impact on prices.
National Allocation Plan
In order to comply with the European Union laws and regulations, the government of Latvia must develop the national emission quota allocation plan for each EU ETS trading period. The formation of the plan is defined in the law "On Pollution". It includes the information about the participants, the principles of the emission allocation, the laws and regulations regarding allocation and the potential of GHG emission mitigation. Emission quota is distributed to both, mandatory and voluntary participants free of charge. The Cabinet of Ministers makes decisions about the sectors that must be favored in the process of quota distribution and the necessary actions on surplus allowances.
Participants by sector groups
All the installations that are mentioned in the Allocation Plan are divided into the following groups:
Energy This group includes all the installations that produce thermal energy and electricity.
Industry These are combustion plants that use the manufactured thermal energy for their productions (for instance, food and milk processing, textile manufacturing), as well as installations like ceramic production and steel manufacturers.
New entrants This group includes existing and potential installations which have joined the system after August 16, 2006.
The amount of required emission allowances for new entrants until 2012 is calculated and it is 1.989 million (2008 - 1.379 mil, 2009 - 1.983 mil, 2010 - 2.167 mil, 2011 - 2.202 mil, 2012 - 2.213 million).
Distribution of Emission allowances 2008 - 2012
The amount of allowances for distribution by sector is calculated by adding up the emission allowances for each sector and taking into account the base year for each installation in a given sector and the growth or reduction compared with the base year.
Second trading period the allocated carbon permits to the energy sector annually are down by approximately 25% compared to the base year. In contrary, the amount of emission allowances that has been granted to the industry sector has slightly increased above the base year level. In total, there are 90 installations in Latvia that are participating in the EU ETS in the second trading period. Two thirds of the installations are boiler houses. There are also seven cogeneration installations, four thermal centrals. Majority of the installations generate thermal energy.
Emission Trading at "Liepajas Energija"
Company profile
The company "Liepajas Energija" owns several boiler houses, therefore it is obliged to apply for emission permits. The core activity of the company SIA "Liepajas Energija" is the generation of thermal energy and hot water supply for inhabitants, regional entities and other organizations in Liepaja. The following example examines the challenges that company faces in the first and second EU ETS trading periods.
Currently, 'Liepajas Energija' operates 18 working water-heating boilers which are operated with heavy fuel oil. The company must participate in emission trading and during Phase I and Phase II it received and used the following quantity of emission quotas:
'Liepajas Energija' had a surplus of emission allowances in the first trading period from 2005 to 2007, which helped to acquire additional profits. When the second trading period in 2008 started, the energy sector was not allotted as many quotas as in the previous period, therefore 'Liepajas Energija' faced the following three possibilities before acquiring additional carbon emission permits.
Scenario A
The management of boiler house could decide not to do anything regarding an increase of energy efficiency in the next five years. Company maintains the monitoring and control, and it uses its quotas according to the plan. At the end of each year, the company returns emission allowances that cover the generated emissions.
Scenario B
The management could decide to carry out the actions to decrease the amount of heavy fuels in order to mitigate emissions. The following activities are performed:
The management does an energy audit. Results are analyzed and suggestions are made.
It is decided to take into account three of the suggestions from the analysis of energy audit.
With the energy savings the company does not require as many emission allowances as before. This gives an opportunity to sell allowances:
The total amount of emission quota sold is 209 645. If one assumes that during Phase I the average price for one quota in Latvian market was 15 euros, the company earned 2515740 = (12 * 209 645) euros.
Scenario C
The management decides to build a cogeneration station.
The research of the current situation (including audit if it is not done before) and the economical analysis of cogeneration station is done.
The decision to set up a cogeneration station is made. The amount of manufactured electricity and required emission quotas are calculated. The quotas are acquired from state's reserves fund or bought in the emission allowances market (if the reserves fund does not have additional allowances).
The company submits an emission permit application, which serves as a document for additional emission permit.
In order to keep costs at a previous rate, it is necessary to consider options of new installations as soon as possible. If it is done too late, state's reserves fund may have run out of allowances and company is forced to acquire them in the market.
Emission trading Impact on the thermal energy prices
Although, there was a significant income of 2.5 million euros from the surplus allowance trading during Phase I, the import prices of the heavy fuel oil did not allow 'Liepajas Energija' to decrease the price for thermal energy.
Phase II started with the reduction of allocated carbon emission permits to energy sector which left a negative impact on the prices of thermal energy. Furthermore, under similar preconditions this reduction has a greater influence on thermal energy than electricity prices. The reason for such difference is the higher proportion of price for fuel, as well as the costs for emission allowances in the total cost structure. These additional expenses for emission allowances increase the price of thermal energy, especially for households.
Emission Trading at 'Latvenergo AS'
Company Profile
'Latvenergo AS' is dominant, vertically-integrated 100% state-owned electricity utility in Latvia. The enterprise generates electricity and thermal energy covering all processes from energy generation, distribution and transmission. The company owns two heat and power plants - Riga TEC-1 and Riga TEC-2 which generate 2.067 MW, representing approximately 90% of the total electricity generation capacity of Latvia.
Electricity Market in Latvia
As of 2007, electricity market in Latvia is liberalized which means that in order to comply with the Electricity Market Law other power generation companies theoretically could enter the market. In reality 'Latvenergo AS' remained monopoly until May 2008 when amendments of Electricity Market Law were adopted and Estonian national energy company 'Eesti Energia' came in the market. Currently at the end of 2009, 'E. Energy' has managed to obtain 5% share of the market.
The market liberalization still concerns only large costumers. Although, the Electricity Market Law allows free choice of electricity provider for any household, there are no other companies but 'Latvenergo AS' who would offer their services to households. There are 1300 large companies that consume about one third of the total amount of electricity in Latvia. 90% of them are clients of Latvenergo and only about 10% have chosen to purchase electricity from Estonian utility.
Although, in theory there should be much more competition in the electricity market, 'Latvenergo AS' remains the monopoly of Latvian electricity market.
'Latvenergo AS' Carbon quotas
In accordance with EU Directive on greenhouse gas quotas, both 'Latvenergo AS' power plants Riga TEC-1 and Riga TEC-2 have a capacity that requires compulsory participation in the allowance trading scheme.
In January 2005, 'Latvenergo AS' received GHG emission permits issued by Lielriga Regional Environment Board. Afterwards, the quotas confirmed by the European Commission for the first trading period (2005 - 2007) were allocated.
In the creation of Latvian quota distribution plan for the years 2005 - 2007 the base year of 1997 was taken into account.
Given that a lot of improvements concerning greener technologies were implemented since 1997, 'Latvenergo AS' was able to cover existing emissions with the allocated quota and sell the unused quota in the emission trading market.
The profits from emission trading accounted for more than a half of total 'Latvenergo AS' earnings in 2006 that were around 34 million euros (24 million lats).
In 2007, 'Latvenergo AS' intensity of the power generation increased, therefore more emission quotas were needed. Compared to two previous years, smaller amount of allowances were available for selling on the market. From the total profit of 13.4 million euros (9.4 million Lats) 1.02 million euros (0.73 million Lats) were obtained by trading emission allowances. The year 2007 was the last one of the first trading period and unused allowances could not be saved and transferred to the second period, therefore companies with quota surplus traded them on the market. Supply was much bigger than demand causing allowance price to fall and as a result, 'Latvenergo AS' collected significantly smaller earnings in 2007.
The first trading period showed that the market was flooded with surplus quotas, thereby in the second period the European Commission looked at the national allocation plans much stricter. The Cabinet of Ministers decided that of the Republic of Latvia decided on the allowance allocation for the second trading period from 2008 to 2012 in favor for an industry. The sector of industry compared to the base year received 6% more quotas and as a result, the amount of allowances that was granted to the sector of energy was cut by 20% compared to the base year. Consequently, 'Latvenergo AS' production facilities were allotted 80% of the required emission quotas, but the largest power plant Riga TEC-2 only 20%. (29) In order to comply with the Kyoto targets, for the second trading period the company is obliged to acquire missing portion of the allowances on the market. In 2008, 'Latvenergo AS' was short 350thousand allowances that were purchased on the market. It was very expensive to purchase emission quotas in 2008, as the second trading period was just started and the price was increasing rapidly. The company spent 2.7 million euros on the missing portion of carbon quota.
Acquiring emission quota in 2009
In 2009, 'Latvenergo AS' has acquired 80000 emission quotas from a regional government company 'Daugavpils siltumtikli'. In July 2009, 'Daugavas siltumtikli' announced the competition "Written auction for 80000 emission allowances". The starting price was 11 euros without value-added tax for one allowance. The auction had two participants - 'Latvenergo AS' and 'STX Services B. V.' which is located in Amsterdam. When commission opened the envelopes with the offers, it appeared that both companies have proposed the same price - 1080000 Euros. The market price for one emission allowance on the day of bidding was fluctuating between 14.35 and 14.5 euros. 'Latvenergo AS' and 'STX Services B. V.' had offered 13.5 euros for one unit.
The second round of this auction took place on 8 September, 2009. 'Latvenergo AS' proposed higher price of 14.3 euros and acquired 80000 emission quotas for 1.144 million euros.
'Liepajas Siltumtikli' intends to invest the earnings from emission trading in the development and innovation of new heating technologies, as well as additional current assets will improve their ability to pay off the debts to gas company "Latvijas Gaze".
EUA Impact on the electricity price
'Latvenergo AS' offers its customers to familiarize themselves with the structure of the electric power tariff components.
Import and gas are the main contributors to electricity price. As the third one follows water level in the river Daugava. Although, CO2 emission allowance price accounts only for 1% of the total components, the company still has to transfer some of the carbon permit costs to the generated electricity price, since the allowance price has an indirect impact on electricity import prices.
'Latvenergo AS' management has decided to keep informed its customers by updating current emission allowance price information and trends on their homepage. Future trends are forecasted and explained by one of the company's experts, and clients can use this information to keep themselves updated on possible electricity price increase or decrease. For instance, in December 2009, the expert gives comments on the Copenhagen Conference. It is explained that before the conference when participants expected legally binding agreement as a result, the market price rose to 15 euros per ton. Unfortunately, the parties did not agree on binding targets, therefore price fell again to 13.5 euros per ton.
EUA trading System problems and evaluation
Looking at the two largest power generations companies in Latvia, one can see that there are several problems regarding emission allowance trading in Latvia which these companies have to face.
Favoring of certain sector
Latvian companies, which are participating in the EU emission trading system, can sell their unused allowances to other companies in European Union. Many companies see an opportunity here for additional earnings, therefore before the first and second trading period when the required carbon permits were calculated, companies tried to acquire as many quotas as possible. The minister of the environment stated that many companies presented exaggerated and false growth trends. As one of the evidence, the minister mentions thermal energy companies which suddenly planned to increase their capacity by 200%, although households do not pay them for this capacity.
Another example is the profits by 'Latvenergo AS' in the first trading period, when more that half of its earnings were acquired in emission trading scheme. While some of the industry sector companies were forced to purchase missing quotas, other companies of the energy sector were able to boost their earnings with sales.
Electricity and thermal energy prices
The retail manager of 'Latvenergo AS' states that one of the major contributors to electricity rate is GHG emission allowance price. Although, currently the price of carbon permits accounts only for one percent of the total price structure, there are high indirect costs of imported electric energy. Regional electric power companies monitor the trends in Scandinavian market and adjust their export prices accordingly. Because of the EU ETS, import costs in the European Union have increased, and they account for 40% of the price growth.
In the first trading period, when 'Latvenergo AS' had a carbon quota surplus, its profits were measured in millions of euros. The Minister on Environment Raimonds Vejonis accused the company of not spending the acquired earnings on greener technologies and development. In addition to not investing the profits in their intended use, 'Latvenergo AS' did not adjust their electricity tariffs.
In the second trading period, the opposite happened and 'Latvenergo AS' and 'Liepajas Energija' were forced to purchase missing emission allowances. As a result, in April 2008, the electricity tariff increased by 37.6% causing the price to rise from 0.07 €/MWh to 0.10 €/MWh. In 2010, because of the need to purchase missing portion of emission allowances and the shutdown of 'Ignalina' power station in Lithuania, 'Latvenergo AS' plans to increase the electricity price by approximately 30%. The increase of the electricity price mostly affects households and businesses.
Energy against industry
The opinions on which sector should be favored regarding emission allowance allocation are very different. One of the arguments for industry sector is that currently Latvia needs to generate more exports in order to avoid deeper economy recession. Since the potential of the internal demand has been exhausted, industry sector is the major export source in Latvia.
On the other hand, Latvia's energy market is isolated from the EU, which has evolved in tighter collaboration with Russia regarding energy supply. The problem will occur, when the main electric power generator 'Ignalina NPP' will be shut down at the end of 2010 and Latvia will be forced to develop its own electricity generating installations. For such development additional quotas may be needed and if 'Latvenergo AS' is required to purchase missing portion of the allowances on the market, electricity rate will inevitably rise.
Oversupply
In the first trading period, the market was overflowed with emission allowances that caused the market price of the allowance to plunge. In 2007, when the trading period came close to an end, companies that were participating in the trading system tried to sell their unused quotas. The problem occurred when supply was significantly greater than demand and the price dropped from 30 to 10 euros and kept decreasing. Companies were able to keep operate old and polluting machines. Even if some organizations were short on allowances, the low prices allowed them to acquire remaining quotas easily.
AAU trading by Latvian Government
Latvia together with Czech Republic is the country that has had already five transactions with AAUs.
AAU trading costs
In order to implement emission trading system in Latvia, it was necessary to establish and maintain such institutional system that would ensure Latvia's ability to keep the rights to participate in GHG emission trading system according to the Kyoto Protocol, as well as ensure the analytical and administrative capacity for transactions of emission allowance preparation and realization, income monitoring, project application evaluation, monitoring of the projects' implementation, emission monitoring and verification, and other functions regarding emission trading system in Latvia. It was required to develop procedures for legal, institutional, commercial and credit risk management in compliance with Latvian legislative acts. In addition, the strategy for the marketing and negotiations with potential buyers was important. An establishment of such institution required 100000 euros in 2007 (one time costs). System maintaining needed 71 000 euros in 2008 and starting with 2009 the costs were 43 000 euros annually. Additional costs of 5000 euros (one time costs) and 34000 euros annually starting from 2007 due to the two new job positions at the Climate and Renewable Energy department in the Ministry of Environment.
AAU trading with "greening"
Latvia and Hungary were the first two East European Countries that established frameworks for "green" AAU trading. The selection process of greening projects is usually stipulated in the AAU purchase contract. Latvia has decided to carry out selection with the help of tender processes.
Latvia has its own approach to Green Investment Schemes (GIS). It has created country-driven schemes that put an emphasis on the details that ensures the integrity of these schemes. Buying countries can either accept the prepared schemes or choose not to cooperate with Latvia in AAU trading deal. It is not know for sure if this strict position helps in trading deals. Nevertheless, it seems that buying countries value transparency of the schemes the most.
AAU Transactions
Latvia was negotiating contracts with buyer countries for several years. The contracts with Netherlands and Austria were closed in March 2009, then came the contract with Spain in September 2009 and finally in October 2009 Latvia signed the selling contracts with Japan and Portugal. After the very successful 10 million euro deals with Netherlands, Austria and Spain, Latvian government received a mandate which allowed it to negotiate further trading arrangements for 30 million euros.
Planned and Actual revenues
Planned
It was planned to sell 10 million emission allowances in 2008 and 2009. Assuming that the price of one allowance in the international market was 5 euros, the estimated revenues for 2008 and 2009 would be 50 million euros or 35 million lats (according to exchange rate 1 EUR = 0.7028 Ls).
For the time period from 2008 to 2012 it is estimated to trade 40 million emission allowances (including those already sold) that would give the revenues of 200 million euros or approximately 141 million lats.
Actual
In 2008, Latvia negotiated emission allowance transactions with Netherlands and Austria and, in 2009, they were executed on March 25 and April 28 accordingly. These transactions brought in 50 million euros. In 2009, Latvia negotiated deals with Spain, Japan and Portugal and sold 10.5 million AAUs. These three operations brought in 105 million euros. The actual AAU price in 2008 and 2009 was two times higher than the projected one. Also Latvia was able to sell 50% more AAUs than planned which resulted in 155 million euro earnings. The first two trading years proved to be more profitable than expected and Latvia earned 105 million euros more than initially planned.
The ministry of environment plans to decide about the selling of the rest of the AAUs in the first quarter of 2010. Since the average price of one AAU is 10 euros, selling the rest of 40 million surplus AAUs, Latvia could earn around 400 million euros.
AAU trading financial impact on the state budget
Latvia's budget income in 2009 was 5.1 billion euros (3.6 billion lats). (36)The income from emission allowance surplus accounted for 3.9% of the total income. Although, all the collected money goes into the state budget, it does not increase the income directly. The new law states that countries must prove that the revenues form emission allowance trading are invested in green technologies. These restrictions are adopted in order to ensure that money is really used for intended purpose - to mitigate emissions. Latvian AAUs are backed by GIS projects, thereby guaranteeing that revenues are spent for energy efficiency, green technologies and renewable energy projects.
According to clauses included in the contracts with Austria and Netherlands, Latvia is required to implement GIS projects that will develop technologies for decreasing greenhouse gas emissions and improve the energy efficiency in state owned education institutions. The government has already announced the open competition for developing technologies. The available amount of money for this project is 1.7 million lats. The start of the next open competition for the energy efficiency improvements in higher education buildings will be announced in January 2010. Minimum financing for each project usually is 30 thousand lats, maximum - 150 thousand lats. The proposals, that were already accepted in 2009 and are scheduled to be carried out in the first quarter of 2010, are heat insulation of 220 houses, mainly schools and kindergartens. Regional governments are able to participate in the open competitions and thereby improve the energy efficiency of the local buildings and utilized technologies. For example, after the heat insulation by the local government in the fourth largest city Liepaja, the respective households on average consume 48% less thermal energy. This shows that the income from the emission surplus trading has an indirect impact on the state budged.
Conclusion and Outlook
Greenhouse gas emissions in Latvia have considerably decreased since 1990, which was a result of the restructuring of economy after the country gained independence. The average emissions from 2003 to 2007 were below the Kyoto target, therefore Latvia will not meet any difficulties in reaching the targets until 2020 under the Kyoto Protocol.
In the second emission trading period, Latvia has emission allowance surplus of approximately 40 million allowances that it intends to sell. In 2008 and 2009, Latvia has already sold 15.5 million carbon permits.
The revenues from the emission trading goes into state budget. The income must be spent on Green Investment Scheme projects.
Since the revenues from the emission allowance trading must be spent on technologies that in the future will mitigate emission levels in the atmosphere, they have indirect impact on the state budget and the economy of Latvia.
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Photo (cc) Climate Action Director-General Jos Delbeke hopes that ending the giving away of carbon allowances will restore confidence in the ETS.
Don't judge EU emissions trading “by state of the market"
Post Date: 02 October 2012
The European Commission is arguing that the success of Phase 3 of the Emissions Trading Scheme should not be judged by the state of the carbon market.
In a presentation about its plans for Phase 3, Peter Zapfel, from from DG Climate Action 's office of policy coordination and liaison, says "the success of auctions should be judged on technical merits and not against the backdrop of the state of the carbon market".
Major changes will be made to the EU ETS when Phase 3 of the system begins in three months, on 1 January, to address the issue of oversupply of permits.
Climate Action Director-General Jos Delbeke has confirmed that on that date the system of setting allowances by national allocation plans will end, and there will be a move to large-scale auctioning.
From then on, allowances will not be given away freely. With the exception of the 120 million early allowances, they will all be auctioned through the central registry.
Although the scheme is eight years old, there is no conclusive research to show what influence it has had on cutting carbon emissions.
The Department of Energy and Climate Change (DECC) published evidence in July that greenhouse gas emissions across all sectors had reduced by about 3% per year between 2005 and 2009 compared with business-as-usual trends.
This report sought to determine the influence of the ETS, but the only identifiable cause for the emissions reduction it could find was fuel switching in the power generation sector.
It concluded that “evidence on the drivers of abatement was scarce and anecdotal".
The final free 120 million general emissions allowances from Phase 2, and some 32 million aviation emissions allowances, will be auctioned by member states before the end of this year.
The European Energy Exchange AG (EEX) has been appointed as the first common auction platform.
Germany, Poland and the UK have opted out of this system; the UK has chosen to appoint ICE Futures Europe as its auction platform. ICE also handles carbon trading in the US.
It will have its first auction on 21 November. Further UK auctions are then scheduled for 26 November, 5 December and 10 December.
The central, single registry for the other 24 nation states has been set up to replace the 27 national registries.
Stricter rules will come into force, recognising international credits and dealing with the issue of carbon leakage.
The first auctions on these platforms will begin in a few weeks time, and have been timetabled .
The proportion of aviation emissions allowances allocated to Member States will be announced later in the autumn.
Story: David Thorpe, News Editor
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Kilowatt hour, equals 3,600,000 Joules.
Kyoto Protocol (KP)
This represents a commitment by developed countries to reducing global atmospheric concentrations of greenhouse gases. It was adopted by consensus at the Third Conference of the Parties (COP3) in December 1997. The first phase lasted from 2008 to 2012, and the second phase, 2017 to 2020 was agreed in 2012 when the Doha Amendment to the Kyoto Protocol was adopted. Those countries that adopted the Kyoto Protocol are grouped as Annex A (developing) and Annex B (developed) countries. Annex B countries all agreed to targets for GHG emissions in the first commitment period, 2008 to 2012.
Long-term baseline entry capacity The amount of capacity that National Grid is obliged to offer for sale in the long-term auctions, currently set at 80% of SO baseline.
Long-term Certified Emission Reduction Unit - temporary credit issued by the CDM registry for land use, land-use change and forestry projects; valid up to 30 years but must be re-verified every 5 years.
Large Combustion Plant Directive, relating to industrial emissions.
National Allocation Plan
The National Association of Securities Dealers Automated Quotation set up in 1971. Now a global electronic marketplace for the buying and selling of stock. NASDAQ OMX Commodities Europe offers cash-settled derivatives contracts in the Nordic, German, Dutch, and UK power markets with futures, forward, option, and CfD-contracts of up to six years’ duration, including contracts for days, weeks, months, quarters, and years. The reference price for the power derivatives contracts is the underlying day-ahead price as published by Nord Pool Spot (Nordics), the EEX (Germany), APX ENDEX (Netherlands), and N2EX (UK).
National Grid is an international electricity and gas company and one of the largest investor-owned energy companies in the world. Owns and maintains the high-voltage electricity transmission system in England and Wales, together with operating the system across Great Britain, balancing supply with demand on a minute by minute basis. National Grid is also responsible for ensuring that gas is delivered to over 20 million consumers around the country safely and efficiently. In 1986, British Gas was privatised. In 1992, smaller industrial consumers were allowed to select a supplier other than British Gas. By the end of 1998 all gas consumers were able to choose their own supplier.
National Grid is an international electricity and gas company and one of the largest investor-owned energy companies in the world. Owns and maintains the high-voltage electricity transmission system in England and Wales, together with operating the system across Great Britain, balancing supply with demand on a minute by minute basis. National Grid is also responsible for ensuring that gas is delivered to over 20 million consumers around the country safely and efficiently. In 1986, British Gas was privatised. In 1992, smaller industrial consumers were allowed to select a supplier other than British Gas. By the end of 1998 all gas consumers were able to choose their own supplier.
National transmission system (NTS)
The high pressure network of pipes that transports the gas between the terminals, storage facilities and specific regional sites for local distribution in the UK.
National Contracts Commission
Non-daily metered customers - all customers who do not have a daily meter-reading facility. National Grid estimates demand for NDM customers based on its demand algorithm. Differences between actual metered demand and deemed demand may be resolved after the day through the reconciliation process.
National Energy Policy
New Entry Reserve - a pool of allowances set aside by EU Member States for allocation to new installations which come under the EU ETS.
New Electricity Trading Arrangements – applied from 2001 onwards and were intended to provide more competitive, market-based trading arrangements for electricity.
National Electricity Transmission System Operator
A statement summarising all the long and short positions held with a particular counterparty, and calculating the net position relative to that counterparty.
A set of business rules within a legal framework that defines the rights and obligations of National Grid and shippers, and forms the basis for all contracts between them.
A set of business rules within a legal framework that defines the rights and obligations of National Grid and shippers, and forms the basis for all contracts between them.
National Grid Gas National Transmission System
Quarterly System Entry Capacity. Entry capacity in quarterly bundles offered by National Grid in the long-term auctions. Also referred to as Rolling Monthly System Entry Capacity (RMSEC).
Some contracts (particularly long-term contracts) are indexed to prices of other commodities, particularly oil and oil products, or, in the UK, to short-term gas market prices. In such a contract a reference price is the price (or one of the prices) on which this indexation is based.
Reserve lifetime or R/P ratio
Defined as the ratio of the reserves of crude oil or natural gas in units of barrels or cubic feet to the annual production in barrels per year or cubic feet per year. The units of this ratio are years and are equivalent to the number of years of production left in the reserve at the current production rate.
Reserve lifetime or R/P ratio
Defined as the ratio of the reserves of crude oil or natural gas in units of barrels or cubic feet to the annual production in barrels per year or cubic feet per year. The units of this ratio are years and are equivalent to the number of years of production left in the reserve at the current production rate.
Request for Proposal
The Renewable Heat Incentive helps businesses, the public sector and non-profit organisations meet the cost of installing renewable heat technologies.
Risk Management Committee
A committee typically made up of senior management, which has overall responsibility for risk management, control and compliance.
Retail Market Review
Rolling Monthly System Entry Capacity Unsold MSEC offered by National Grid just before the start of the relevant month.
Rolling Monthly Transfer and Trade System Entry Capacity Auction
Removal Unit - allowance trading unit issued by Annex B Parties for land use, land-use change and forestry activities.
CO2 Emission Trading in Europe - PowerPoint PPT Presentation
Transcript and Presenter's Notes
Title: CO2 Emission Trading in Europe
1 CO-2 Emission Tradingin Europe
Result from Kyoto Protocol process
Part of European Climate Change Programme (ECCP)
Overview of
Climate change policy ECCP
ET Directive
Linking Directive
Review future
2 CO-2 Emission Tradingin Europe
Climate change in EU policy
4th EC Environmental Action Plan (1987-1992)
1989 Commission communication
1990 Council resolution (non binding) to stabilise CO-2 emissions by 2000 at 1990 level
5th EC Environmental Action Plan (1993-2000) greater rol
1993 Council decision for monitoring mechanism of greenhouse gas emissions
gt amended in 1999, and replaced by Cd 280/2004/EC
3 CO-2 Emission Tradingin Europe
1994 EC adhered to UNFCCC
1997 EC signed Kyoto protocol
1998 Burden-sharing agreement between EU-MS
Climate change not a subject in art. 3 EC
Legal basis for measures - gt art. 175 (1)
Shared competence EC MS
2000 Commission launched ECCP
2001-2002 6th EC Environmental Action Plan Environment 2010 LT decrease of 70
4 CO-2 Emission Tradingin Europe
European Climate Change Programme (ECCP)
Multi-stakeholder process
Task how to reach 8 target (340 Mt CO-2 equivalent reduction) cost-effectively ?
-gt Projected progress in 2012 revealed that without additional measures greenhouse gas emissions increase by 1 instead of required reduction by 8 (1990 levels KP)
Provided the basis for the Commission to develop legislative other proposals
5 CO-2 Emission Tradingin Europe
European Climate Change Programme (ECCP)
2001 Result of 1st phase - ECCP report
Action Plan for ECCP
Ratify Kyoto Protocol (happened 31 May 2002)
Proposal for Emission trading Regulating certain fluorinated gases
6 CO-2 Emission Tradingin Europe
European Climate Change Programme (ECCP)
Some 40 cost-effective policies and measures with an emission reduction potential of some 664-765 Mt CO-2 equivalent (2 X EU-target)
Overall cost to comply with EU-target
3.7 bn euro or 0.06 of GDP (per annum in 2010)
Hyp. Máx. cost-effectiveness (EU-MS)
7 CO-2 Emission Tradingin Europe
(ECCP) important measures
EU wide emissions trading
Renewable energy sources
Energy performance of buildings
Energy-efficiency standards for equipment
Energy demand-side management
Combined heat-power generation
Containment / monitoring of fluorinated gases
Modal shift in transport (infrastructure use charging)
ECCP II started in 2005
8 CO-2 Emission Tradingin Europe
ET-directive Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ L 275 of 25 October 2003)
institutional path
lt ECCP
Green Paper on greenhouse gas emissions trading within the European Union, COM(2000)87
23 October 2001 Commission proposal, COM (2001)581
Council EP discussions
22 July 2003 final political agreement
Amended by Linking Directive 2004/101/EC of 27 October 2004 (OJ L 338 of 13 november 2004)
9 CO-2 Emission Tradingin Europe
Fundamental elements of the ET-directive
Pre-determination of the environmental benefits (as opposed to command control approach) / flexibility / cost-efficiency
Twofold objective
Protect the environment
Guarantee the internal market functioning
Legal basis art. 175 (1) EC Treaty
Nature of the proposed ET-scheme mandatory
10 CO-2 Emission Tradingin Europe
Single market for allowances
Framework that enables the functioning of ET as a market mechanism across the EU and beyond (mutual recognition of agreements)
Framework prevents incompatibility of varying national schemes (e. g. existed in UK, Denmark compatibility not ensured by KP)
Safeguards against distortion of competition in an integrated market
Fully compatible with IPPC Directive and EU electricity gas liberalisation
11 CO-2 Emission Tradingin Europe
Allowances vs permits
Allowance
Are issued by MS (which also ensure their cancellation)
entitlement to emit a tonne of CO-2-equivalent during a specified period from sources in an installation
shadow unit is tradable across the EU
Is held by any person
Is registered in electronic form in the (national) registry
?
Legal nature
Consequences for the transferability
12 CO-2 Emission Tradingin Europe
Allowances vs permits
Permit
Administrative authorisation
Site-specific and held by operator
Non-transferable (except as inherent part of the installation when it is sold)
Sets monitoring and reporting obligations
Sets obligation to hold allowances to match emissions each calendar year
IPPC-like
13 CO-2 Emission Tradingin Europe
Coverage / scope (1) - gt Art. 2
Emissions from
Greenhouse gases (GHG, 6) listed in annex II
gt start with CO-2 (46 of estimated em. in 2010)
Activities listed in annex I
range of activities energy (power generation, refineries), ferous metals production/processing, mineral industry (e. g. cement, glass), other pulp and paper production
gt some activities are excluded (e. g. chemicals) but are indirectly covered if threshold of 20 MW for combustion installation is reached
Number 4 - 5.000 (up to 2002) - gt 14.000 (December 2003)
14 CO-2 Emission Tradingin Europe
Coverage / scope (2) - gt Art. 2
Extended as from (lt art. 24)
2005 MS may apply ET to installations lt annex I activities below threshold
2008 MS may apply ET to non-CO-2 GHG and bring in additional sectors e. g. chemicals or aluminium production
! Extension must be approved by Commission assisted by Committee (art. 23)
! ET implies costs for everyone as energy producers will pass on costs to customers
15 CO-2 Emission Tradingin Europe
Coverage / scope (3) - gt Art. 27 - 28
Art. 27 temporary exclusion (opt-out)
MS may apply to Commission for installations to be temporarily excluded until 31/12/2007 (e. g. Belgium)
Exclusion must be approved by Commission assisted by Committee (art. 23)
Art. 28 pooling (lt German UK desire V. A.)
MS may allow operators of installations to form a pool for the same activity up to 31/12/2012
Operators must apply to competent authority and trustee must be nominated
MS must submit application to Commission that can reject
Liability trustee / operator
16 CO-2 Emission Tradingin Europe
Art. 3 definitions
Allowance
Emissions
Greenhouse gases annex II ( KP)
Greenhouse gas emissions permit
Installation IPPC-definition
Operator IPPC-definition
Person
New entrant
The public Aarhus-Convention def. / also lt SEA-D / PP-D
Tonne of carbon dioxide equivalent
17 CO-2 Emission Tradingin Europe
Art. 4 7 Greenhouse gas emissions permit
Art. 4 requirement for permit as from 01/01/2005
Art. 5 contents of application
Description of installation / activities
Use of raw / auxiliary materials
GHG-emissions sources
Monitoring reporting measures envisaged
Art. 6 conditions contents of permit
All or part of installation, one or more installations on same site same operator
Focus on monitoring reporting requirements
Obligation to surrender allowances equal to emissions as verified
Art. 7 Information duty to operator - gt update permit
18 CO-2 Emission Tradingin Europe
Linkage with IPPC-directive 96/61/EC
Art. 8 coordination requirement for MS as both directives cover mostly same activities
gt GHG-permit requirements lt IPPC-permit procedure
Art 26 amendment to IPPC-directive
IPPC-permit may not include any more an emission limit value for direct GHG-emissions, unless it is necessary to ensure avoiding significant local pollution
MS may choose not to impose energy efficiency requirements for combustion or other installations emitting CO-2 on the site
If necessary permits will be amended
-gt. Consecuencias
19 CO-2 Emission Tradingin Europe
Art. 9 National allocation plan (NAP) (1)
Must be developed by each MS
Determines the liability of individual installations
Must be based on objective transparent criteria, 11 listed in annex III ( guidance from the Commission by COM (2003) 830 further guidance in COM (2005) 703) some of these criteria can be amended, according to art. 22
Is subject to public consultation
20 CO-2 Emission Tradingin Europe
Art. 9 National allocation plan (NAP) (2)
Is notified to Commission considered by Committee
Can be rejected by Commission
If a NAP contains State aid within the meaning of Art. 87 EC Treaty, Art. 88 has to be applied notification to the Commission
21 CO-2 Emission Tradingin Europe
1st NAP needed to be ready by 31/03/2004
some MS very late (Italy, Poland)
Art. 10 Method of allocation of allowances
-gt general free allocation (grand fathering) vs auction (e. g. Ireland, discussion in Germany)
-gt MS shall allocate allowances
-gt 2005-2007 at least 95 free of charge
-gt 2008-2012 at least 90 free of charge
! Principle choice for free allocation, but with some room for charging
22 CO-2 Emission Tradingin Europe
Art. 11 Allocation and issue of allowances
-gt NAP must be developed for each trading period
-gt based on NAP, MS decides about
- total quantity of allowances
- individual allowances (for each operator)
por
- 2005-2007
- 2008-2012 ( 1st KP - commitment period)
-gt new entrants must be taken into account
-gt competent authority issues yearly proportion
23 CO-2 Emission Trading in Europe
First phase ongoing 2005 to 2007
First reporting compliance cycle complete (8980 installations)
Infrastructure for registries and monitoring established
Common data sets generated
Learning by doing for both authorities and companies
Second phase near 2008 to 2012
NAP submission was required by 30 June 2006
Commission Decisions on first 10 NAPs taken on 29 November 2006, with Communication setting out line
Equal treatment for all Member States
May 2007 20 NAPs approved
Forthcoming proposal for including aviation in EU ETS
-gt COM (2005) 459
24 CO-2 Emission Trading in Europe
Belgium 16 January 2007 Plan accepted with changes required.
1) The annual allocation may not exceed 58.5 million allowances.
2) More information needs to be provided on how new entrants will be treated.
3) Intended ex-post adjustments must be eliminated.
25 CO-2 Emission Trading in Europe
Belgium
CAP 2005-2007 62.08
Verified emissions 2005 55.58
Proposed CAP 2008-2012 63.33
Allowed CAP (idem) 58.5
26 Allocation in Flanders
General approach ET-order of 4 February 2005 as amended in 2006 and based on REU-decree of 2 April 2004
General Allocation Order by Government (28 February 2005) Individual Allocation Decision for each Installation
p. ej.
Sidmar 28.076.091 allowances
Interbrew 176.042 allowances
Allocations are issued individually to each operator (annual fractions of total amount for period)
-gt Risks e. g. in case of termination of operations, adaptation of amount issued
27 CO-2 Emission Tradingin Europe
Art. 12 Transfer / recognition of allowances
Between persons in EC
Between persons in EC and persons in 3rd C-ies if allowances are recognised
MS recognize allowances mutually
Surrender / cancellation of allowances
gt Equal to total emissions as verified
Cancellation of allowances on request of holder
Art. 13 Validity of allowances
Only for certain period
No longer valid allowances (previous trading period), not surrendered and cancelled, are cancelled by competent authority in the new trading period
- gtKind of banking is possible replacement of allowances
28 CO-2 Emission Tradingin Europe
Carbon Trading Exchanges
ECX - European Climate Exchange
EEX - European Energy Exchange
EXAA - Energy Exchange Austria
Nord Pool
Powernext
29 CO-2 Emission Tradingin Europe
Art. 14 15 Monitoring, reporting, verification
MS shall ensure monitoring
Ms shall ensure that operator reports
Commission guidelines promised by 30/09/2003, based on principles in annex IV, were issued on 29 January 2004 (Decision 2004/156/EC)
MS shall ensure that reports are verified in accordance with criteria set out in annex V (principles methodology)
Unsatisfactory report preclude further transfer of allowances until new satisfactory verification
30 CO-2 Emission Tradingin Europe
Art. 16 Penalties
MS must set effective, proportionate and dissuasive penalties and notify rules to the Commission
Name and shaming of non complying operators
In case of excess emissions (not covered by surrendered allowances)
2005-2007 penalty of 40 euro / ton CO-2
2008-2012 penalty of 100 euro / ton CO-2
Plus compensation equal amount of excess emissions
31 CO-2 Emission Tradingin Europe
Art. 17 Access to information
Decisions related to allocation of allowances
Reports of emmissions
Shall be made available to the public except for exemptions according to Directive on access to environmental information
32 CO-2 Emission Tradingin Europe
Art. 18 Competent authority
MS shall designate authority (-ies)
If more than one, coordination is required
33 CO-2 Emission Tradingin Europe
International transfer of EU-allowances governed by registries and central administrator (art. 19-20)
Art. 19 Registries
MS shall establish registry (allowance accounting)
If more than one MS cooperate, than consolidated registry
Any person may hold allowances (but .)
Registries are public
Commission shall adopt regulation, providing for standardised electronic registry, ensuring transfer-compatibility with KP
Regulation N 2216/2004 adopted on 21 December 2004 (published on 29 December 2004)
34 CO-2 Emission Tradingin Europe
Art. 20 Central administrator
Commission shall designate central administrator to maintain an independent transaction log
Central administrator must check each transaction to ensure regularity of transfer of allowances
If irregularities are identified, central administrator shall inform MS
2005-2007 MS-registry lt - gt ETL
2008-2012 MS-registry lt - gt ETL lt - gt ITL
35 CO-2 Emission Tradingin Europe
Art. 21 Reporting by MS
Yearly report by MS
Basis for report by Commission
Commission has to organize exchange of information
Art. 23 Committee
Assists Commission
36 CO-2 Emission Tradingin Europe
Art. 25 Links with other GHG-ET-schemes
For mutual recognition of allowances, agreements with 3rd countries/KP-Parties listed in annex B KP, should be concluded
If such an agreement exists, Commission shall draw up necessary provisions
37 CO-2 Emission Tradingin Europe
Art. 29 Force majeure
During the period 2005-2007, MS may apply to the Commission for certain installations to obtain additional and non transferable allowances in cases of force majeur
The Commission shall determine whether force majeur is demonstrated and authorise the issue of such allowances
The Commission shall develop guidance to describe circumstances under which force majeur is demonstrated
38 CO-2 Emission Tradingin Europe
Art. 30 Review and further development
gt report by Commission (30 June 2006)
Art. 31 Implementation
gt transposition date 31 december 2003.
gt id. For Linking directive 13 November 2005
Art. 32 Entry into force
gt 25 October 2003
39 CO-2 Emission Tradingin Europe JI - CDM
Linking Directive
Proposal COM (2003) 403 on 23 July 2003
JI CDM are primarily designed to provide flexibility to Parties
Some EU-MS prepare their use (e. g. Netherlands)
Mechanisms mainly driven by private sector
Project-based instruments JI / CDM governed by international law
40 CO-2 Emission Tradingin Europe JI - CDM
What does linking mean?
Linking JI-CDM to EU-ET means creating a direct link to provide more flexibility and certainty to legal entities
In concrete terms, linking means that JI-CDM credits can be used by operators to fulfil their obligations under the EU-ET
Linking implies the recognition of JI-CDM credits as equivalent to allowances from an environmental and economic point of view
41 CO-2 Emission Tradingin Europe JI - CDM
Creating a bridge to the Kyoto framework (1)
-gt EU-ET JI-CDM are different frameworks
Different nature
EU-ET cap trade of direct emissions (ex ante allocation)
JI-CDM baseline credit (ex post verification)
Different regulatory context and institutions involved
Different timing
Different unit of trade
EU-allowances
JI - gt Emission reduction units (ERUs),
CDM - gt certified emission reductions (CERs)
42 CO-2 Emission Tradingin Europe JI - CDM
Creating a bridge to the Kyoto framework (2)
()
Before entry into force of KP (February 2005) different level of certainty
EU ET-directive final
JI-CDM ratification of KP was necessary for implementation
43 CO-2 Emission Tradingin Europe JI - CDM
Elements to be taken into consideration
Need to preserve the architecture and the environmental integrity of the EU-ET-scheme
Necessary compatibility with KP Marrakech Accords for the issuance and transfer of JI-CDM-credits
JI can happen within the EU, particularly in an enlarged EU - gt importance of Acquis communautaire
Baseline JI project
EU-ET lt AC interface with JI
44 CO-2 Emission Tradingin Europe JI - CDM
Desirability of linking JI-CDM
Increase of compliance options for entities
Reduction in allowance price and compliance costs
Increase liquidity of the EU-ET-market
Stimulate demand for JI-CDM-credits
Contribution to host countriess SD
Promotion of EST to 3rd countries
Drive environmental policy integration in EU-external policies and contribute to EU-SD-strategy
45 CO-2 Emission Tradingin Europe JI - CDM
Key elements LD (1)
How to link?
Conversion of JI-CDM-credits into allowances maintain single currency within EU-ET
Participant lt EU-ET, delivers project credit to national authority and receives an allowance, in exchange for it
When to link?
1st KP-commitment period 2nd ET-trading period
No JI available before 2008
Companies can accrue CDM-credits before 2008 and convert them afterwards (as from 2008)
Desirability of linking JI-CDM
46 CO-2 Emission Tradingin Europe JI - CDM
Key elements (2)
What projects to link with?
gt All types of credits allowed for conversion, except some
How much to link? Problem
Risk !
gt COMMISSION DECISION of 13 November 2006 on avoiding double counting of greenhouse gas emission reductions under the ETS for project activities under the Kyoto Protocol C(2006) 5362
47 CO-2 Emission Tradingin Europe JI - CDM
Consequences of linking
More flexibility and certainty for entities/operators
More control for MS
48 CO-2 Emission Tradingin Europe JI - CDM
More flexibility and certainty for entities/operators
If projects fit with objective criteria, entities will have full certainty upon conversion use credits for EU-ET-compliance
Newly issued allowances can be used as any other original allowance
No further restriction on use and banking or other obligations arising from KP
49 CO-2 Emission Tradingin Europe JI - CDM
More control for MS
to check at the moment of conversion against objective criteria what project credits come in and if they are compatible with national climate strategy national JI-CDM-programmes
to implement KP requirements on banking of JI-CDM credits, commitment period reserve and supplementarity
50 CO-2 Emission Tradingin Europe
ET new policy tool in EU environmental policy
Compliance is the ultimate challenge
() compliance in a permit system depends on the technical ability to detect violations and the legal ability to deal with the violations.
() research has mainly focused on the issue of non-compliance in the sense of not holding enough permits to cover all emissions and has more or less neglected non-compliance in monitoring and reporting.
-gt Review art 30 !
51 EU ETS stakeholder survey
Key results
EU ETS has an impact on corporate behaviour all sectors price in value of allowances
Long-term topics have highest priority for all stakeholders
However no clear consensus on what choices to take
Companies vote for longer allocation periods (ten years or more)
Benchmarking seen as interesting alternative, however most companies think more than 3 benchmarks per sector are needed
More auctioning disliked by most companies but favoured by other stakeholders
Wide consensus that scheme design changes should be brought in with sufficient lead-time
52 Recommendations by High Level Groupon Competitiveness, Energy and the Environment
EU ETS is the central instrument for GHG reductions towards the 2C target (?)
Advance international debate beyond 2012
Identify how EU ETS can be linked to emerging compatible systems and use of Kyoto credits can be facilitated
Increase investor certainty
Take account of regulatory stability and improve regulatory coherence
Consider participation costs of small installations
53 The EU ETS Review
Commission Communication COM(2006)676 Building a global carbon market
Identified four areas for review
Scope of the Directive
Further harmonisation and increased predictability
Robust compliance and enforcement
Linking with emission trading schemes in third countries
In addition, consideration being given to
Institutional and procedural aspects
Relationship between EU ETS and other market based regulatory instruments
54 What the review is about
Improve the functioning of the scheme based on practical implementation and experience
Relevant for periods from 2017 onwards, as markets need regulatory stability
Expand coverage further sectors and gases, beyond aviation
N20, CH4, carbon capture and storage
Streamline design of the EU ETS
More harmonised approach to cap-setting and allocation
More predictability and certainty
More harmonised approach to new entrants and closures
Harmonisation of accreditation and verification
55 What the review is not about
Not relevant for the second trading period
Allocation plans are decided this year
Directive can not be amended before the start of the second period
Regulatory stability calls for appropriate lead-time for scheme design changes
Not about continuation of EU ETS
Not change for the sake of change
Terms of reference set out the issues for the review
Changes to be based on examination of the costs and benefits of scheme design changes
56 Implementation of the Review
European Climate Change Programme (ECCP)
Multi-stakeholder consultative process
Consultation on review to take place within ECCP group on emission trading
Interested parties are invited to submit their views and share their practical experience with the Commission
Member States Report of on implementation of the EU ETS (Article 21 Reports)
LIFE project LETS Update
57 CARBON MARKET Report 2007
Global carbon markets were worth 22.5 billion in 2006. The market saw transactions for 1.6 billion tonnes of CO2e. The EU ETS accounted for 62 per cent of the volume and over 80 per cent of the value.
EU ETS saw 1 billion tonnes of CO2 transacted, worth 18.1 bn. This was 2.5 times higher than in 2005. The OTC and exchanges dominated by 817 Mt and 14.6 billion.
Developing countries continue to deliver reductions. The CDM saw transactions for 523 Mt CO2e in 2006, with a secondary market adding 40 Mt and a combined value of 3.9 billion.
58 CARBON MARKET Report 2007
Our reference scenario expects volumes in the carbon market to grow by 50 in 2007. We expect more than 2.4 billion tonnes CO2e to transact over the year. Using current prices as a benchmark, the extra volume marginally increases the total value to 23.6 billion.
65 of survey respondents say EU ETS have initiated internal abatement projects. This is a marked change from last years survey, where only 15 said the introduction of carbon trading had initiated abatement.
EU ETS is main compliance strategy for 37 of survey respondents. Internal abatement and investment/trading of CDM/JI credits (both about 25) are seen as the second most important strategies. Relocation of production is only mentioned by a handful of respondents
59 CARBON MARKET Report 2007
More confidence in CDM/JI than one year ago. The CDM/JI market is a success, at least compared to the 2006 survey. The project market is seen as more mature (although not a mature market), and is resulting in cost-effective emission reductions.
Close to complete pass-through of carbon into power prices. The impact of the CO2 price has been one of almost complete pass-through in the UK and German power markets, despite a slow response to the introduction to the scheme for continental power prices. The impact on the Nordic power market is primarily through the interconnection with Germany.
Import of credits from CDM/JI will not be enough to meet shortfall in EU ETS. Survey respondents expect levels of abatement in the EU ETS to higher in Phase II than in Phase I. Although the system opens for substantial imports of credits from CDM/JI, 82 of respondents find that this will not be enough to meet the shortfall in Europe.
60 CARBON MARKET Report 2007
Survey finds 17/t for EUA price in 2010, 23/t in 2020. Survey respondents do not expect import of credits to be enough to avoid domestic reductions in the EU ETS. Thus, the price of carbon should reflect fuel-switching prices rather than the price of CDM/JI credits.
. Marketprice on 3 May 2007 approximately O,50 euro/t
71 of respondents expect a global climate agreement post-2012, with a 60 likelihood that USA and Australia will join. Only 9 of respondents do not expect a global agreement. China (36) is seen as a more likely candidate than India (30) in such an agreement.
61 Recent EU developments
10 January 2007 Communication Limiting global climate change to 2 degrees Celsius the way ahead for 2020 and beyond
-gt limit GHG-emissions of developed countries to minus 30 in 2020 ( 1990), for EU 20 through ET-system
-gt in 2050 worldwide reduction of 50. for developed countries - 60 to 80
62 Recent EU developments
Environment Council conclusions of 20 february 2007
EU Spring Summit (9 March 2007) conclusions
-gt chapter III on integrated climate and energy policy endorses 20/2 outcome
UNFCCC future (post 2012)
global carbon markets, technology transfer, adaptation, deforestation, intl avaiation and maritime transport emissions
63 Recent EU developments
On 8 June 2007 Transport Ministers adopted Council Conclusions on the position to be taken by EU Member States at the ICAO Assembly in September 2007 in relation to the inclusion of aviation in the European emissions trading scheme.
On 31 May 2007 the European Economic and Social Committee adopted an opinion welcoming the Commission's proposal as a "carefully considered and pragmatic approach" to address emissions from aviation.
64 General conclusion
Climate change policy has introduced the concept of a market based instrument ( ref. new Communication 28 March 2007)
Its application raises a lot of implementation questions
A top political willingness has provided for a rapid institutionalisation including market values and opportunities
Its environmental benefits are still hard to assess
Lessons learned from EU Emissions Trading Scheme (ETS) Dina Kruger Director, Climate Change Division Office of Atmospheric Programs U. S. Environmental.
6 EU Climate Change Policy EU is using a portfolio of policies to meet goal across all sectors through the EU Climate Change Program (ECCP) – Cross-cutting cap and trade – Regulation – Incentives – Voluntary approaches Updated goals and binding measures for ECCP portfolio announced January 23, 2008: – Energy supply measures: increase share of renewable energy to 20% by 2020 – Energy demand measures: 20% reduction in energy consumption through energy efficiency – Transportation, buildings, agriculture: reduce emissions 10% below 2005 levels Commitments by car makers to reduce CO 2 emissions rate from new passenger cars by 25% below 1995 levels by 2008/2009 Increase share of sustainable biofuels to 10% of overall petrol and diesel consumption – Improved EU ETS Source: Point Carbon, European Climate Change Program, http://ec. europa. eu/environment/climat/eccp. htm Overall EU Goal: Reducing its overall emissions to at least 20% below 1990 levels by 2020
Slide 7
7 EU Emissions Trading Scheme (ETS) EU ETS currently addresses nearly 50% of all CO 2 emissions (
40% of total annual GHG emissions) EU Directive currently outlines provisions for initial trading periods 1.“Trial” period (2005-2007) 2.First commitment period (2008-2012) Proposed amendment for third period (2017-2020) with commitment for subsequent phases
Slide 8
8 EU Emissions Trading Scheme (ETS) 2005-2007: Trial Period – Cap: set by member states, 2.2 billion allowances issued annually – Covers only CO 2 emissions – Coverage: combustion and process emissions from electricity generation and selected industries Energy activities, mineral oil refineries, coke ovens (installations with “rated thermal input” ≥ 20 MW) Production and processing of ferrous metals Minerals industry (includes cement, glass, ceramics, lime) Pulp and paper production – Point of regulation Downstream – Allocation Approaches 95% of allowances must be allocated freely, 5% can be auctioned – Compliance and penalties Penalties 1 st period = € 40/excess ton CO 2 2008-2012: Kyoto Commitment Period – Cap: set by member states, 2.083 billion allowances annually – Also covers only CO 2. but other gases are opt-ins – Allocation Approaches 90% of allowances must be allocated freely, 10% can be auctioned – Compliance and penalties Penalties 2 nd period = €100/excess ton CO 2 Use of Kyoto mechanisms (% of CDM credits allowed to be set by member states) – qualitative limitations – no nuclear and sinks credits – quantitative limitations – in phase 2 credit import is limited to 10% of the Member state’s total allowances
Slide 9
9 Prices and Volumes General factors contributing to price volatility: Fuel prices Weather Policy developments
Slide 10
10 Evaluating Emissions Trading Does it meet the environmental goal? – Are caps achieved? – Is monitoring accurate? Does the market work efficiently? – Sufficient sources for a liquid market? – Long-term certainty for investment planning? Is it a workable program administratively?
Slide 11
11 “Trial” Period Design and Implementation Lessons Lesson 1: Need high quality emissions data to set environmental goals – Phase 1 caps based on limited data – Phase 2 caps take advantage of better data – Complementary policies needed for non-capped sectors Lesson 2: Consistency and predictability are important – Large variability in allocation method among member states – Failure to credit plant shutdowns creates perverse incentives Lesson 3: Keep scope manageable and consider contribution to emissions – Inclusive of largest emitters and sufficient sources for trading, but – Large number of small installations included
36% of total installations, responsible for
0.7% of emissions 7.5% of total installations, responsible for
12 Lesson 4: Need to have flexibility and provide long term-certainty – Sources did not have temporal flexibility due to lack of banking between phases – Phase 3: Trading extended to (2017-2020) for long-term investment certainty – Banking will be allowed between Phase 2 and 3 Lesson 5: Program implementation should be efficient – Infrastructure for transfer of CDM credits not in place – Monitoring protocols clear, but not all reporting is electronic – Initial release of monitoring data not coordinated – Role of third-party verifiers affects timing of data submissions Lesson 6: Transparency is important for credibility – Functioning registry system to track allowances and ownership, but allowance transfers are not public data – Annual reporting (quarterly reporting in U. S.) EU ETS is looking to harmonize program design across all participating countries… “Trial” Period Design and Implementation Lessons
Slide 13
13 EU Climate Policy Looking Forward Further improvements to EU ETS – Single EU-wide cap instead of 27 national caps Average 1.846 billion metric tons CO 2 /year – Increasing share of auctioning (full auctioning of power sector allowances in 2017) – Community-wide new entrant reserve (5% of cap) – Expanding to include other sectors and gases Aviation Aluminum (PFCs) and Chemicals (N 2 O) Recognize carbon capture and storage (CCS) – Domestic Offsets? – Linking Phase 2: Norway, Iceland, and Liechtenstein International Carbon Action Partnership (ICAP) – Discussions with the Northeast Regional Greenhouse Gas Initiative (RGGI), California, Australia, New Zealand and Canadian Provinces With global agreement, EU will commit to 30% below 1990 levels by 2020
Slide 14
14 For more information Point Carbon: www. pointcarbon. com Caisse desDepots: http://www. caissedesdepots. fr/ EU ETS: http://ec. europa. eu/environment/climat/emission. htm Thank you! Dina Kruger Director, Climate Change Division Office of Atmospheric Programs kruger. dina@epa. gov www. epa. gov/climatechange
European Commission: DG Environment EU Climate Change Policy Jürgen Lefevere International and Institutional Coordinator Climate, Ozone and Energy Unit.
Europe’s leading role in combating climate change Jos Delbeke Director, Climate Change & Air Environment Directorate General European Commission, Brussels.
Understanding the proposed revision of the EU ETS Thomas Bernheim DG Environment Unit C.2 European Commission.
Examining the Environmental Impact of EU ETS: an Input Output Approach - Lawan Usman Ali 2 1 1 Introduction 2 2 EU–15 Annual Carbon Emissions by Sector.
ECOPLAN 1 Linking domestic emissions trading schemes to the EU ETS Technology Transfer and Investment Risk in International Emissions Trading Work package.
Emissions Trading in the EU: What’s Wind Got To Do With It? by Tallat Hussain European Wind Energy Association Conference 28 February - 2 March 2006 Athens,
Joint Implementation and the EU Emissions Trading Scheme Jürgen Salay Climate Strategy and International Negotiation DG Environment European Commission.
Acid Rain and NOx Cap and Trade Program Experience Cap and Trade Programs for Air Emissions Presentation for NARUC Winter Meeting 2008 Joint ERE-Electricity.
Ort, Datum Autor Energy taxation and emissions trading as instruments of European climate policy by Michael Kohlhaas Workshop on Climate Policy and Energy.
UNIVERSITY OF PADUA FACULTY OF ENGINEERING Second Cycle Degree in Environmental Engineering 2017-2017 INTERNATIONAL ENVIRONMENTAL LAW GLOBAL CLIMATE CHANGES:
Webinar #9: Linking Cap-and-Trade Programs Moderator:Sonia Hamel, New America Foundation Speakers:Derik Broekhoff, World Resources Institute Damien Meadows,
The EU Emissions Trading System (ETS) Rationale and Lessons learnt Artur Runge-Metzger Head of International Climate Negotiations, European Commission.
Emissions Trading Overview: Who are the Buyers and Sellers and What is Traded? Tetyana Budyakova Lawyer.
Cap-and-Trade 101 Judi Greenwald Director of Innovative Solutions WORLD RESOURCES INSTITUTE Franz Litz Senior Fellow.
Global Warming Implications and Opportunities for Your Practice Barry S. Neuman Merrill J. Baumann, Jr. Meritas Annual Meeting April 23, 2009 Orlando,
EU Climate Policy - latest developments Agnieszka Janowska European Commission, DG Environment.
1 Decarbonsing the European Power Sector: is there a role for the EU ETS? Brussels, 31 May 2011 Jos Delbeke DG Climate Action European Commission.
2111 Wilson Blvd, 8th Floor, Arlington, VA 22201 Phone: (703) 841-0626 Fax: (703) 243-2874 www. iccp. net Climate Change Policy: The Rise of Market Mechanisms.
Climate Action 1 International Climate Action – EU Contribution EU – Central Asia Working Group on Environmental Governance and Climate Change 2 nd Meeting.
The Road of Carbon Emissions Trading from Pilots to a Nationwide Scheme in China Dr. Xianbing Liu Senior Policy Researcher/Task Manager Kansai Research.
ECOPLAN 1 Linking domestic emissions trading schemes to the EU ETS Technology Transfer and Investment Risk in International Emissions Trading Work package.
EU and UK experience: Lessons learned Martin Nesbit Deputy Director, Climate and Energy – Business and Transport UK Department for Environment, Food and.
The EU Emission Trading System (ETS) Henriëtte Bersee Henriëtte Bersee Environment Counselor Environment Counselor Royal Netherlands Embassy Royal Netherlands.
INTERNATIONAL ENERGY AGENCY AGENCE INTERNATIONALE DE L’ENERGIE Reconciling Energy Security and Climate Change Mitigation: The Investment Challenge Richard.
European Commission: Environment Directorate General Slide: 1 Linking the EU Emissions Trading Scheme with JI and CDM Linking the EU Emissions Trading.
The Regional Greenhouse Gas Initiative: The International and National Backdrop January 26, 2006 Edna Sussman Program Sponsored by the Renewable Energy.
Green Legislation, Regulation, and Mandates Where do we stand? Where are we headed? AH&LA E&E Committee April 13, 2010 Presenters: Joel Bluestein, Sr.
EU Climate Change Policy Jos Delbeke Director General - DG Climate Action European Commission Leuven, 27.01.2011 1.
Legal Implementation of the European Directive on Emissions Trading
Legal Implementation of the European Directive on Emissions Trading
In order to implement its obligations to reduce greenhouse gas emissions, as required under the Kyoto Protocol, the European Community elaborated a directive establishing a community-wide greenhouse gas trading system. Ecologic has been commissioned by the German Federal Ministry for the Environment to analyse the legal framework for implementing the directive in Germany and also to draft the implementing legislation. In addition Ecologic developed provisions for the implementation of the flexible Mechanisms under the Kyoto Protocol.
In this context, Ecologic assisted in preparing and implementing the necessary regulative framework. The Greenhouse Gas Emissions Law (TEHG), which provides the guidelines for the German implementation of an emissions trading system, was drafted, as well as the Allocation Law (Zuteilungsgesetz, ZuG 2007), which complements it. Furthermore, drafts of the Allocation Regulation (Zuteilungsverordnung) and of the Cost Regulation (Emissionshandelskostenverordnung) were elaborated.
In the meantime the German emissions trading office at the German Federal Environment Agency has completed the account openings within the national emissions trading registry and has allocated the 495 million free emissions allowances to the participants. With the implementation of the regulatory framework a variety of legal questions occur which are being analysed accompanying by Ecologic.
In succession the research project comprised legal assistence in implementing the flexible mechanisms (Clean Development Mechanism, Joint Implementation) of the Kyoto-Protokoll. On the European level the so called Linking Directive had to be implemented, on the international level the Kyoto-Protokoll, the UNFCCC and the Marrakesh Accords had to be analysed as legal frame.
The Law to introduce the project-based mechanism which has already been passed by the parliament and the Federal council provides regulations for the process of generating certificates out of CDM and JI projects with participation of Germany as investing and/or host country. As well the provisions for the use of these certificates within the national trading system are part of the law.
In this context Ecologic assists the BMU in resolving arising points of law and drafting concretising regulations.
REFERENCE
Abatement: The reduction in the quantity of intensity of greenhouse gas emissions
Acid Rain Program: A program in the United States established under the Clean Air Act Amendments of 1990 which employs a cap and trade system for reducing SO 2 emissions from power plants.
Account: The place where allowance or credits are held and transactions recorded.
Account Officer: A person recognized by the agency administering the program who is authorized to transact credits or allowances for the company of concern.
Additionality: Under the US greenhouse gas program, reductions are considered to be additional if they represent reductions that would not have occurred without the credit-producing project.
Under the Kyoto Protocol Articles on Joint Implementation and the Clean Development Mechanism, Emissions Reduction Units (ERUs) will be awarded to project-based activities provided that the projects achieve reductions that are "additional to those that otherwise would occur". A distinction is made between environmental additionality and economic/financial additionality.
Financial additionality means projects will only earn credit if funds additional to existing ODA commitments are specifically committed to achieve the greenhouse gas reductions.
Environmental additionality requires that emission reductions represent a physical reduction or avoidance of emissions over what would have occurred under a business as usual scenario.
Afforestation: The process of establishing and growing forests on bare or cultivated land which has not been forested in recent history.
Alliance of Small Island States (AOSIS): A group of countries formed during the Second World Climate Conference in 1990 that includes 35 states from the Atlantic, Caribbean, Indian Ocean, Mediterranean and Pacific. AOSIS countries are small islands and low-lying coastal developing countries that are particularly vulnerable to the effects of climate change such as sea level rise, coral bleaching and the increased frequency and intensity of tropical storms. These countries share a common objective on environmental and sustainable development matters
Allocation: The number of credits or allowances that an affected source holds for a specific compliance year.
Allotment Trading Units: In the Illinois ERMs program, an ATU is the tradeable unit issued by the Illinois Environmental Protection Agency. An ATU represents 200 pounds of volatile organic material emissions and is a limited authorization to emit 200 pounds of volatile organic material emissions during the seasonal allotment period under the ERMS program.
Animal Waste Methane Recovery: Part of the project >Class included under the Methane Recovery Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Animal)
Large farms that require animal confinement (hogs, dairy, etc.) incorporate large, uncovered lagoons to store manure until it is used as fertiliser. Methane produced from the waste decomposition is released into the atmosphere during lagoon storage, and after the fertiliser is spread on the field. Recovery technologies include installing an anaerobic digester (microbial breakdown in a controlled covered environment capturing the Methane) and utilising the Methane to produce energy - technology that involves the injection of the waste under the soil.
GHG Reduction & Quantification . Global Warming Potential (GWP) of Methane (CH 4 ) = 21, GWP of Carbon Dioxide (CO 2 ) = 1. Combustion of one tonne of CH 4 produces 2.75 tonnes of CO 2 ; therefore the capture and combustion one tonne of otherwise fugitive CH 4 emissions yields a GWP benefit of at least 18.25 tonnes CO 2 equivalent. If the captured CH 4 is used as an energy source (on-site or delivered into a pipeline) the full 21 tonnes of emission reductions can be claimed.
Additionality . Any animal waste CH 4 recovery system is voluntary. There are no mandates requiring farmers to capture CH 4 emissions from lagoons and as such, very few lagoons have recovery systems (significantly less than 1%). Costs of CH 4 recovery are generally more than savings/revenues from electricity generation/sales. Revenues from the sale of reductions may create a favourable economic atmosphere, making this project occur.
Verification . CH 4 recovery systems can incorporate meters to accurately measure the amount of CH 4 captured. Meter records, pipeline records, electricity production records, and/or gas sales receipts can be used for verification and auditing purposes.
Ancillary Benefits . a) Odour, an intense offender to local communities, is greatly reduced by CH 4 recovery systems b) CH 4 recovery systems use lined lagoons (most existing lagoons are unlined), reducing leakage into water tables and nutrient run off from surface spreading on fields, a major source of rural water pollution, and c) promotion of animal waste CH 4 as sustainable/renewable energy source that is no longer wasted.
Annex B Countries: Emissions-capped industrialised countries and economies in transition listed in Annex B of the Kyoto Protocol. Legally-binding emission reduction obligations for Annex B countries range from an 8% decrease (e. g. various European nations) to a 10% increase (Iceland) in relation to 1990 levels during the first commitment period from 2008 to 2012.
Annex I Countries: 36 industrialised countries and economies in transition listed in Annex I of the United Nations Framework Convention on Climate Change (UNFCCC or the Convention). Their responsibilities under the Convention are various, and include a non-binding commitment to reducing their greenhouse gas emissions to 1990 levels by the year 2000. Note that Belarussia and Turkey are listed in Annex I but not Annex B; and that Croatia, Liechtenstein, Monaco and Slovenia are listed in Annex B but not Annex I.
In practice, Annex I of the Convention and Annex B of the Kyoto Protocol are used almost interchangeably. However, strictly speaking, it is the Annex I countries which can invest in Joint Implementation (JI) / Clean Development Mechanism (CDM) projects as well as host JI projects, and non-Annex I countries which can host CDM projects. This is true, despite the fact that it is the Annex B countries which have the emission reduction obligations under the Kyoto Protocol.
Annex II Countries: Annex II of the United Nations Framework Convention on Climate Change (UNFCCC or the Convention) includes all original OECD member countries plus the European Union. Under Article 4.2 (g) these countries have a special obligation to help developing countries with financial and technological resources.
Assigned Amount (AA) (Assigned Amount Units (AAUs) ): The total amount of greenhouse gas that each country is allowed to emit during the first commitment period of the Kyoto Protocol. This total amount is then broken down into measurable units (AAUs).
Auctioning: A method for issuing emission permits to emitters and firms in a domestic emissions trading regime based on a willingness to pay for the permits. This method of allocation may be combined with Grandfathering.
Avoided Emissions: Emissions that would have been emitted under a business as usual scenario but were avoided due to the implementation of an emission reduction project
Baseline Period: In relation to the quantification of ERCs, the Baseline Period is a time period prior to the reduction of emissions.
Baseline Scenario: In the context of greenhouse gas emissions the Baseline Scenario is the fore cast emissions of a company, business unit or project, using a business as usual scenario, often referred to as the 'baseline scenario' i. e. expected emissions if the firm did not implement emission reduction activities. This forecast incorporates the economic, financial, technological, regulatory and political circumstances within which a firm operates
Bid: The price a prospective buyer is willing to pay. Bidding on forwards indicates the buyers willingness to obligate himself to the purchase of the emission reductions at an agreed upon time in the future. Bidding on a call means that the buyer is willing to purchase a call option. Bidding on a put means that the buyer is willing to purchase a put option.
Bilateral Transaction (Trade ): A trade that does not include an intermediary exchange and is made on a direct one-on-one basis.
Binding Targets: Binding targets are agreed or mandated emission limits on an entity that are to be met at a specific point of time or period
Bio-diesel: Diesel equivalent, processed fuel derived from biological sources (such as vegetable oils), which can be used in unmodified diesel-engines
Bio-ethanol: Ethanol (C2H5OH), also known as ethyl alcohol, alcohol, or grain spirit derived from biological sources. A clear, colorless, flammable oxygenated hydrocarbon with a boiling point of 78.5 degrees Celsius in the anhydrous state. In transportation, ethanol is used as a vehicle fuel by itself (E100), blended with gasoline (E85), or as a gasoline octane enhancer and oxygenate (10 percent concentration).
Biomass Energy: Biomass energy generated from organic waste matter e. g. sawmill wood waste, bagasse, crop waste.
Biomass Generation: Biomass generation is a biomass fuel gasification plant that produces electricity.
Bubble: A bubble is a regulatory concept whereby two or more emission sources are treated as if they were a single emission source. This creates flexibility to apply pollution control technologies to whichever source under the bubble has the most cost effective pollution control options, while ensuring the total amount of emissions under the bubble meets the environmental requirements for the entity. Bubbles are closed systems. Article 4 of the Kyoto Protocol allows a bubble to be formed between Annex B countries, for example the European Union nations.
Building Efficiency: Building Efficiency relates to energy efficiency for heating, cooling, and lighting and the use of energy-saving appliances and equipment.
GHG Reduction & Quantification . Projects offset power from fossil fuel sources through reduced consumption. Energy is reduced by the installation of efficient technologies, changes in operational procedures, and changes in management practices. Energy consumption is based on historical measurement and projections of business as usual future use and measurement of project-based improvements. Emissions factors are used to calculate the corresponding emission reductions.
Additionality . Energy efficiency improvements are generally considered to be above what is required by building codes and efficiency standards.
Verification . Electric production and consumption is metered and verified by independent third parties utilising electricity bills and meter readings.
Ancillary Benefits . Potential energy savings for building tenants and owners.
Business As Usual Scenario (BAU): Estimate of a company's future and current emissions under normal operating circumstances. Depending on the scope of the business as usual scenario this may incorporate some emission reduction regulatory controls including carbon taxes etc.
Buyer: A legally recognised entity (individual, corporation, not-for-profit organisation or government, etc.) who acquires credits, reductions or allowances from another legally recognised entity through a purchase, lease, trade, or other means of transfer.
Cap and Trade: A system involving trading of emission allowances, where the total allowance is strictly limited or 'capped'. A regulatory authority established the cap which is usually considerably lower (50% to 85%) than the historic level of emissions. Allowances are created to account for the total allowed emissions (an allowance is a unit of measurement referred to as AAU). Trading occurs when an entity has excess allowances, either through actions taken or improvements made, and sells them to an entity requiring allowances because of growth in emissions or an inability to make cost-effective reductions. Cap and Trade programmes are closed systems, but can be modified to allow the creations of new permits by non-capped sources in the manner of credit-based systems.
Carbon Dioxide Equivalent (CO 2 eq): The universal unit of measurement used to indicate the global warming potential (GWP) of each of the 6 greenhouse gases. It is used to evaluate the impacts of releasing (or avoiding the release of) different greenhouse gases.
Carbon Dioxide or CO 2: A naturally occurring gas that is a by-product of burning fossil fuels and biomass, land use changes and other industrial processes. Carbon dioxide is the reference gas against which other greenhouse gases are measured
Carbon Monoxide: A pollutant governed by New Source Review Programs.
Carbon Sequestration is a Category on the BGC Environmental Brokerage Services Trading Floor (Abbreviation: Sequestn). It refers to projects that capture and store carbon in a manner that prevents it from being released into the atmosphere for a specified period of time, the storage area is commonly referred to as a carbon sink. Carbon Sequestration projects include:
Forest Sequestration (Forest
Land Conservation (Land)
Soil Conservation & Land Use (Soil)
Waste CO2 Recovery/Deep Injection (Wast/Inj)
Carbon Sink: A reservoir that can absorb or “sequester” carbon dioxide from the atmosphere. Forests are the most common form of sink, as well as soils, peat, permafrost, ocean water and carbonate deposits in the deep ocean.
Carbon Taxes: A surcharge or levy on the carbon content of oil, coal, and/or gas to discourage the use of fossil fuels, with the aim of reducing carbon dioxide emissions
Category/Class: Fields on the BGC Environmental Brokerage Services Trading Floor that provide a basic description of the type of project underlying the emission reduction stream bid or offer. Please select a category or class from the list below for further information.
Carbon Sequestration (Sequestn)
Forest Sequestration (Forest)
Land Conservation (Land)
Soil Conservation & Land Use (Soil)
Waste CO2 Recovery / Deep Injection (Waste/Inj)
Any/other means any of the above or other not listed above
Energy Use (Energy)
Building Efficiency (Build)
Commercial/Industrial Efficiency (Comm)
Fuel Switching (Switch)
Renewable Energy (Renew)
Transportation (Transp)
Any/other means any of the above or other not listed above
& # 160; Methane Recovery (Methane)
Animal Waste Methane Recovery (Animal)
Coal Bed Methane (Coal)
Landfill/Biomass Capture (Landfill)
Any/other means any of the above or other not listed above
& # 160; Process Change (Non_Energy) (Process)
Process Change (non-energy) (Any)
Other means a category/class not listed above
CDM Executive Board: The CDM Executive Board was finalised at COP7 in 2001, its aim being to supervise the Clean Development Mechanism, under the authority and guidance of the COP/MOP. The COP named 10 members and 10 alternates to the CDM Executive board, with John Ashe of Antigua and Barbuda as chair and Sozaburo Okamatsu (Japan) as Vice Chair. The CDM Executive Board is authorized to approve methodologies for baselines, monitoring plans and project boundaries; accredit operational entities; and develop and maintain the CDM registry.
Certification: Emission reductions need to be certified by independent third parties through a verification process. Certification is endorses the existence, eligibility and title of the emission reduction (in relation to the underlying project). Once certification has occurred the emission reduction then becomes a separate tradable commodity.
Certified Emission Reductions (CERs): Annex I investors in Clean Development Mechanism (CDM) projects can earn Certified emission reduction units (CERs) for the amount of greenhouse emission reductions achieved by their CDM projects, provided they meet certain eligibility criteria. For example, CERs generated under the CDM will only be recognised when:
the reductions of greenhouse gas emissions are additional to any that would occur in the absence of the certified project (see Additionality)
requirements of the Host Country are met and
the CDM Adaptation charge is paid ie. the Levy to offset climate change adaptation costs in "vulnerable" developing countries. This levy is generally envisioned as an initial percentage of the total financing cost and is paid up front by the project sponsor, in the form of either currency or emission credits, which are then auctioned. Proceeds are held in an adaptation fund for later disbursement.
Chlorofluorocarbons (CFCs): CFCs are organic compounds that contain carbon, chlorine, and fluorine atoms. They are widely used as coolants in refrigeration and air conditioners, as solvents in cleaners, and as propellants in aerosols. CFCs are the main cause of stratospheric ozone depletion. One kilogram of the most commonly used CFCs may have a direct effect on climate thousands of times greater than that of one kilogram of CO 2 . However, because CFCs also destroy ozone - itself a greenhouse gas - the actual effect on the climate is unclear.
Clean Development Mechanism (CDM): A mechanism established by Article 12 of the Kyoto Protocol for project-based emission reduction activities in developing countries. The CDM is designed to meet two main objectives: to address the sustainable development needs of the host country, and to increase the opportunities available to Parties to meet their reduction commitments.
Clearing Group Account: Cantor Fitzgerald’s NOx or SO2 Allowance Tracking System account or RTC account where NOx or SO2 Allowances or RTCs are transferred from Seller prior to delivery to Buyer, or where NOx or SO2 Allowances or RTCs are held per instructions of seller or buyer.
Climate Change: A change of climate which is attributed directly or indirectly to human activity that alters the composition of the global atmosphere and which is in addition to natural climate variability over comparable time periods (Source: UNFCCC)
Coal Bed Methane Recovery: Coal Bed Methane Recovery is included in the project Class under the Energy Use Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Coal)
A Coal Bed Methane emission reduction project captures methane released from coal bed seams during the mining process for flaring or energy use.
GHG Reduction & Quantification . Global Warming Potential (GWP) of methane (CH 4 ) = 21, GWP of CO 2 = 1. Combustion of one tonne of CH 4 produces 2.75 tonnes of CO 2 ; therefore the capture and combustion one tonne of otherwise fugitive CH 4 emissions yields a GWP benefit of at least 18.25 tonnes CO 2 e. If the captured CH 4 is used as an energy source (on-site or delivered into a pipeline) the full 21 tonnes of GHG reductions can be claimed.
Additionality . Regulations require active mines to liberate coal bed CH 4 to reduce the threat of ignition in the mine, however capturing coal bed CH 4 and converting it to an energy source is voluntary. Most mines vent coal bed CH 4 . some mines capture coal bed CH 4 and sell it into a pipeline, but no active mines flare.
Verification . CH 4 recovery systems can incorporate meters to accurately measure the amount of CH 4 captured. Meter records, pipeline records, electricity production records, and/or gas sales receipts can be used for verification and auditing purposes.
Ancillary Benefits . a) Promotion of coal bed CH 4 as a sustainable/renewable energy source that is no longer wasted b) Potential to enter into a gas purchase agreement with the Seller.
Cogeneration: A process involving the use of waste heat from electric generation, such as exhaust from gas turbines, for industrial purposes or district heating.
Commercial/Industrial Efficiency: Commercial/Industrial Efficiency is a Class under the Energy Use Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Comm) Commercial/Industrial Efficiency projects reduce fuel consumption and emissions by applying innovative technologies in energy - and waste-intensive industries. Practices include advanced manufacturing and refining processes; cogeneration; efficient steam systems; waste-to-energy; and electric motors and drives.
GHG Reduction & Quantification . Projects offset power from fossil fuel sources through reduced consumption. Energy is reduced by the installation of efficient technologies, changes in operational procedures, and changes in management practices. Energy consumption is based on historical measurement and projections of business as usual future use and measurement of project-based improvements. Emissions factors are used to calculate the corresponding emission reductions.
Additionality . Energy efficiency improvements are generally considered to be above what is required by codes and efficiency standards.
Verification . Electricity production and consumption is metered and verified by independent third parties utilising electricity bills and meter readings.
Commitment Period: The five year Kyoto Protocol Commitment Period is scheduled to run from calendar year 2008 to calendar year 2012 inclusive.
Commitment Period Reserve (CPR): The minimum number of Kyoto Units as calculated and required to be held in a Registry pursuant to the Kyoto Protocol
Community Independent Transaction Log: The transaction log which will be established under the EU Emissions Trading Scheme, through which all Transactions will be communicated and recorded, checked, and completed or rejected as appropriate.
Competent Authority: The authority designated by a MemberState or the Commission to preside over the running of the EU ETS Registry.
Compliance Account: The place in the NOx or SO2 Allowance Tracking System where Allowances are recorded and held by a NOx affected source or an SO2 source.
Compliance Period or Year: In states with RPS requirements, facilities subject to the requirement have to ensure that they have sufficient certificates in their account for each compliance period. For example, in Texas by March 31, each competitive retailer must submit credits to the program administrator from its account equivalent to its REC requirement for the previous compliance period (calendar year).
Compliance Year: In the RECLAIM program, the 12 month period beginning on January 1 and ending on December 31 for cycle 1 facilities, and beginning on July 1 and ending on June 30 for cycle 2 facilities.
Conference of Parties: The COP is the supreme body of the United Nations Framework Convention on Climate Change (UNFCCC). The role of the COP, which consists of more than 170 nations that ratified or acceded to the Framework Convention on Climate Change, is to promote and review the implementation of the convention.
Countries with Economies in Transition (EIT): The Central and East European countries, Russia, and the former republics of the Soviet Union that are in transition from centrally-planned economies to market-based economies.
Credit: The term 'Credits' are used in a number of contexts. In the greenhouse gas markets "credit" is commonly used in relation to emission reductions that have been achieved in excess of the required amount for:
Joint Implementation, also known as Emission Reduction Units (ERUs) or
Clean Development Mechanism projects, specifically known as Certified Emission Reductions (CERs)
Credit For Early Action: Within the Kyoto Protocol, Annex B governments cannot receive credits before the first commitment period (2008-12) towards their emission obligation, except under the Clean Development Mechanism. However some governments have suggested giving credit for early action taken before 2008 with the intent to stimulate investment in their emission abatement projects.
Cycle: In the RECLAIM program, Cycle 1 commences on January 1 and ends on December 31. Cycle 2 commences on July 1 and ends on the following June 30.
Deforestation" The process of removing forested areas. Examples include cutting or burning to provide land for agricultural purposes, residential or industrial building sites, roads etc. or harvesting the trees for building materials or fuel.
Developed Countries: Industrialised countries (identified in Annex I and Annex B of the Kyoto Protocol).
Developing Countries: Countries in the process of industrialisation which have constrained resources to address their economic and environmental problems. Developing countries also referred to as Less Developed Countries (LDC).
Differentiation: Differing national circumstances that might require differing emission reduction obligations in the Kyoto Protocol,
Discrete Emission Reduction Credits: DERs, DERCs, or open market credits, are reductions in emissions that occur over a specified time period and do not continue on into the future. Generally, unlike ERCs, DERs are not evaluated and verified by the relevant local or state government air agency. Mass-based ERCs are one type of DER.
Draft Deal: Bids/offers that are currently under negotiation between a buyer and seller and facilitated by a broker in order to reach mutually acceptable terms (price, volume, etc). The end-point of a draft deal is a final deal that is posted on either the forward board or the options board
Draft Trades: A deal which the buyer is in the process of compiling, and is saved within draft trades. The buyer can edit and add other trades to this saved document. Once decided on, the trade can be submitted to the broker.
Dynamic Baseline: Dynamic baseline is a forecast baseline which adjusts to the changes in the business environment over time.
Early Action: The action of reducing emissions, investing in Clean Development Mechanism projects, Joint Implementation or trading emissions before the start for the Kyoto Commitment Period. Emissions Excursion: In the Illinois ERMS program, an event that occurs when a Participating Source does not hold sufficient ATUs at the end of the Reconciliation Period to account for its volatile organic material emissions from the preceding Seasonal Allotment Period.
Early Crediting: Crediting for Clean Development Mechanism projects undertaken prior to 2008 under Article 12 of the Kyoto Protocol as opposed to credit for other emission reductions which will begin in 2008. (This is distinct from "Credit for Early Action" programs).
Economies in transition (EITs): As defined by the Annex I Expert Group on the UNFCCC, EITs are countries which are undergoing the process of transition to a Market Economy:
Belarus Bulgaria Croatia Czech Republic Estonia Hungary Latvia Lithuania Poland Romania Russian Federation SlovakRepublic Slovenia Ukraine
Eligibility Criteria: The Kyoto Protocol and jurisdictional criteria that must be met by an emissions reduction project to produce reductions which can be banked, traded or offset against emissions.
Emission Allowance: Emission allowances are the total emissions allowed to be released by an emission source (often a net emitting firm) within a given period of time. Emission Allowance are created by a regulating entity and distributed to emitters by grant, auction, or a combination of the two.
Emission Cap (or Cap): A regulatory device that sets a ceiling on emissions that can be released into the atmosphere within a designated timeframe. Within the Kyoto Protocol Annex B countries agreed to caps on emissions within the 2008-2012 timeframe in reference to 1990 emissions levels. Caps are effectively the same as 'Allowances' however caps more often refer to national emission limitations and allowances to individual emitters.
Emissions: Pollutant gases emitted from industrial processes and the engine exhausts of transport vehicles that can have an undesired effect (such as contributing to the greenhouse effect).
Emission Offset: The use of an ERC to offset, or mitigate, an emission increase governed by New Source Review Rules.
Emission Reduction Credit: ERCs are reductions in emissions that have been recognized by the relevant local or state government air agency as being real, permanent, surplus, and enforceable. ERCs are usually measured as a weight over time (e. g. pounds per day or tons per year). Such rate-based ERCs can be used to satisfy emission offset requirements of new major sources and new major modifications of existing major sources. Mass-based ERCs . more akin to DERs, are issued with the weight and without reference to time.
Emissions Excursion: In the Illinois ERMS program, an event that occurs when a Participating Source does not hold sufficient ATUs at the end of the Reconciliation Period to account for its volatile organic material emissions from the preceding Seasonal Allotment Period.
Emission Forecast: An emission forecast refers to the forecasts of emissions produced by an emitter for its internal management purposes. Forecasts are hypothetical and incorporate knowledge about the firm's future operational, regulatory and economic impacts to determine emission projections. This process is to baseline forecasting except that baselines are used to quantify emission reductions and are subject to far more scrutiny.
Emission Inventory: Emission Inventory is an archive of historical emissions. An emission inventory can begin once systems boundaries are defined.
Emission Leakage: Emission Leakage or 'Leakage' refers to emission reductions in one location being offset by an increase in emissions in another location. For example, emissions could be reduced in an Annex I nation by moving an emissions intensive industry to a non-Annex I nation. Thus lowering emissions in the Annex I nation and increasing emissions in the non-Annex I nation.
Emission Offset: See Offset.
Emission Permit See Permit.
Emission Reduction Credit: ERCs are reductions in emissions that have been recognized by the relevant local or state government air agency as being real, permanent, surplus, and enforceable. ERCs are usually measured as a weight over time (e. g. pounds per day or tons per year). Such rate-based ERCs can be used to satisfy emission offset requirements of new major sources and new major modifications of existing major sources. Mass-based ERCs . more akin to DERs, are issued with the weight and without reference to time.
Emissions Reduction Market System: The ERMS is a cap and trade regulatory program for stationary sources emitting volatile organic material in the ozone nonattainment area located in Northeastern Illinois. For more information on the ERMS program, go to the Illinois ERMS Program Summary.
Electric Reliability Council of Texas, or ERCOT: The Electric Reliability Council of Texas, Inc. is the corporation that administers the Texas's power grid. ERCOT serves approximately 85 percent of Texas’s electric load and oversees the operation of approximately 70,000 megawatts of generation and over 37,000 miles of transmission lines.
Emission Reduction Unit (ERU): A specified amount of greenhouse gas emissions reductions achieved through a Joint Implementation project under the Kyoto Protocol,
Emission Reporting Boundaries (or 'System Boundaries'): The scope of emission sources included in an emission inventory or forecast for a particular firm. This scope can be defined according to jurisdictional reporting requirements or it can be broader which may allow greater opportunities for reductions. For example, national requirements may only require a business to report on emissions from the production cycle but the firm’s own internal reporting boundaries may include emissions from waste etc.
Emission Targets: Emission limits imposed on emitters by a regulatory body.
Emission Taxes: Surcharge or levy placed on emissions sources, usually on a per tonne basis. Emission taxes are designed to provide incentives to firms and households to reduce their emissions as a means to control pollution (carbon tax is a subset of an emissions tax).
Emissions Trading: Emissions trading is a regulatory program that allows firms the flexibility to select cost-effective solutions to achieve established environmental goals. With emissions trading, firms can meet established emissions goals by: (a) reducing emissions from a discrete emissions unit; (b) reducing emissions from another place within the facility; or (c) securing emission reductions from another facility. Emissions trading encourages compliance and financial managers to pursue cost-effective emission reduction strategies and incentivizes emitting entrepreneurs to develop the means by which emissions can inexpensively be reduced.
Energy Use: A Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Energy). It refers to energy improved utilisation of energy sources that reduces the emissions intensity of energy-based systems. Energy Use projects include:
Buildings (Build)
Commercial/Industrial Efficiency (Comm)
Fuel Switching (Switch)
Renewable Energy (Renew)
Transportation (Transp)
Environmental Additionality: See Additionality.
Environmental Protection Agency: See US Environmental Protection Agency.
Escalation Rate: Calculation that factors in cost increases to a bid or offer on a stream of reductions
EU Bubble: Under the Kyoto Protocol, the individual countries that comprise the European Union have aggregated their emissions and accepted an aggregated emissions reduction target. This has been reallocated back to the individual countries to allow differentiation of national reduction programs. The arrangement allows the target to be shared among all countries within the bubble.
Final Deal: Fully matched and negotiated bids/offers that are under contract for delivery.
Flexibility Mechanisms: The Kyoto Protocol has provisions that allow for flexibility in how, where, and when emissions reductions are made via three mechanisms: the Clean Development Mechanism, International Emission Trading and Joint Implementation. These mechanisms have been established to increase flexibility and hence reduce the costs of reducing emissions.
ForestSequestration: Forest Sequestration is a Class under the Carbon Sequestration Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Forest) Sequestration includes Afforestation and Reforestation.
GHG Sequestration & Quantification . Farmers and/or landowners enter into conservation agreements that restrict the activities implemented on contracted lands and set up forest management plans. Keeping the lands out of production and replacing lost biomass maintains the carbon currently stored in land biomass and the conserved vegetation continues to increase carbon sequestration. Such actions can be scientifically quantified through periodic plant samples that measure the carbon levels and any increases in sequestration.
Additionality . Entering into conservation agreements is a voluntary action by the landowner.
Verification . Reforestation and Aforestation can be verified by independent third parties to confirm that these lands are held out of production and that the scientific measurement is consistent.
Ancillary Benefits . a) Protection of local ecosystem that is easy to publicly identify, b) Positive public relations with involved farmers and landowners
Forward Contract (or Spot Forward): Purchase or sale of a specific quantity of reductions, offsets, or allowances at the current or spot price, with delivery and settlement scheduled for a specified future date. The seller of a forward stream of emission reductions must make physical delivery and the buyer must pay for contracted reductions. This ownership is not unilaterally transferable in a forward contract. Since most CO 2 e trades include a stream of reductions (reductions over multiple years) particularly reductions occurring during the Kyoto Commitment Period (2008-2012), forward settlement is more common than immediate settlement
Forward Market: A market dealing in forward contracts which are agreements to buy or sell an asset at a certain time in the future for a certain price. They generally constitute a private agreement between two entities including a mutually agreed delivery date. Forward contracts are not marked to market daily like futures contacts. As a comparison, most futures contracts are marked to market daily on an exchange and typically have a range of delivery dates. Where as most futures contracts are closed out prior to delivery, most forward contracts do lead to delivery of the physical asset or to final settlement in cash. Entities can reverse their forward position by entering into an offsetting transaction however forward contracts generally cannot be onsold.
Forward Settlement: Purchase or sale of a specific quantity of reductions, offsets, or allowances at the current or spot price, with delivery and settlement scheduled for a specified future date.
Fossil Fuels: Carbon-based fuels that include coal, petroleum, natural gas and oil.
Framework Convention: S ee United Nations Framework Convention on Climate Change.
Fuel Cycle: Refers to the total life of a fuel in all of its uses and forms. The stages of a fuel cycle may include extraction or generation, transportation, combustion, air emissions, by-product removal, further transportation, and/or disposal.
Fuel Switching: Fuel Switching is included in the project Class under the Energy Use Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Switch) Fuel switching is the substitution of conventional and existing technologies for more efficient and less carbon-intensive fuel technologies including re-powering, upgrading instrumentation, controls, and/or equipment, more efficient utilisation of fuel and fuel switching.
GHG Reduction & Quantification . Projects offset power from fossil fuel sources by converting supply to cleaner sources and improving the efficiency of distribution. Energy use is measured before and after converting the fuel supply. Emissions are calculated using emissions factors and the difference between the emissions before the conversion and after the conversion is the quantified reduction.
Additionality . Improvements are outside of regulatory requirements.
Verification . Electricity production and consumption is metered and verified by independent third parties utilising electricity bills and meter readings.
Fugitive Emissions: Unintended gas leaks from the processing, transmission, and/or transportation of fossil fuels.
Futures Contract: Futures Contract is technically and functionally different from a Forward contract. It is an agreement to buy or sell a specific amount of a commodity or financial instrument at a certain time in the future for a particular price. The price is established between the buyer and seller on a commodity exchange via a standardised contract defined by the exchange. Futures Contracts typically have a range of delivery dates and are marked to market daily. Most Futures Contracts close out their position before maturity, either through an offsetting transaction or by selling the futures contract ie. a Futures Contract is tradable in its own right. Futures Contracts are highly defined instruments usually based upon a strong cash market for the underlying commodity. At this stage, a greenhouse gas emissions futures market does not exist, most transactions are forward contracts.
General Account: An account in the NATS or the SO2 Allowace Tracking System that is not a compliance account.
Generation Attribute: A non-price characteristic of electrical energy output of a Generation Unit including, but not limited to, the Unit’s fuel type, emissions, vintage and RPS eligibility.
General Circulation Models (GCMs): Computer programmes that attempt to mathematically simulate the global climate. The complex and large computer programs are based on mathematical equations derived from knowledge of the physics and chemistry that govern the earth-atmosphere system.
Geographic Information Systems (GIS): A GIS is a research tool that allows analysts to view geographically referenced information (maps, charts and diagrams) to perform trend and spatial analyses with indicators.
Generation Unit: A facility that converts a fuel or an energy resource into electrical energy.
Global Warming: T he continuous gradual rise of the earth's surface temperature thought to be caused by the greenhouse effect and responsible for changes in global climate patterns (see also Climate Change).
Global Warming Potential (GWP): Th e GWP is an index that compares the relative potential of the 6 greenhouse gases to contribute to global warming ie. the additional heat/energy which is retained in the Earth’s ecosystem through the release of this gas into the atmosphere. The additional heat/energy impact of all other greenhouse gases are compared with the impacts of carbon dioxide (CO 2 ) and referred to in terms of a CO 2 equivalent (CO 2 eq) i. e. Carbon dioxide has been designated a GWP of 1, Methane has a GWP of 23.
Grandfathering: Method for issuing emission permits to emitters and firms in a domestic emission trading scheme according to their historical emissions. This method of allocation may be combined with Auctioning.
Green-e: A voluntary certification program for renewable energy. The Green-e logo indicates energy options that meet strict standards set through a collaborative process with environmentalists, consumer advocates, and energy experts. The Green-e Program verifies that participating suppliers are purchasing enough renewable electricity or certificates to meet their customers’ needs.
Green Tags: See Renewable Energy Certificate or Credit.
Greenhouse Gas Effect: In the greenhouse gas program, a concept that refers to the effect that releasing greenhouse gas emissions has on the relative warming of the earth’s atmosphere. The release of too much greenhouse gas over a period of time results in a gradual warming of the atmosphere.
Greenhouse Gas Reduction: A greenhouse gas reduction is a reduction in emissions that is recognized to contribute to climate change – p. ej. carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulfur hexofluoride. Greenhouse gas reductions are often measured in tons of carbon dioxide-equivalent. For example, 1 ton of methane has the same global warming potential as 20.9 tons of carbon dioxide.
Greenhouse Gases (GHGs): The greenhouse gases in most contexts are the six gases regulated under the Kyoto Protocol, determined to be the main contributors to the Greenhouse Effect. The three principle gases are
In addition to these three GHG's, there are other gases that are engineered chemicals which occur on a very limited basis in nature.
Hydrofluorocarbons (HFC's) Perfluorocarbons (PFC's) Sulphur Hexofluoride (SF 6 )
Although they are more potent greenhouse gases and tend to have comparatively high GWPs, they are emitted in such small quantities that their overall impact is currently small.
In the US, Sulpher Dioxide (SO 2 ) is also classified as a greenhouse gas and is regulated under the domestic greenhouse gas program.
Group of 77 and Others: This group of developing countries is a major force in Kyoto Protocol negotiations. It has increased from the original 77 countries to more than 130.
Generation Unit: A facility that converts a fuel or an energy resource into electrical energy.
Global Warming Potential: An index found in the Kyoto Protocol that allows for the comparison of greenhouse gases with each other in the context of their relative potential to contribute to global warming.
Greenhouse Gas Effect: The concept that refers to the effect that releasing greenhouse gas emissions has on the relative warming of the earth’s atmosphere. The release of too much greenhouse gas over a period of time results in a gradual warming of the atmosphere.
Greenhouse Gas Reduction: A greenhouse gas reduction is a reduction in emissions that is recognized to contribute to climate change – p. ej. carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulfur hexofluoride. Greenhouse gas reductions are often measured in tons of carbon dioxide-equivalent. For example, 1 ton of methane has the same global warming potential as 20.9 tons of carbon dioxide
Illinois Environmental Protection Agency: The agency that governs air pollution emitting sources in the State of Illinois and administers the ERMs program.
Immediate Settlement of Spot Trades: Trades where the settlement date (delivery of the commodity) occurs at a specified time shortly after the trade date. Payment terms and quantity are fixed at trade date. Immediate settlement trades are infrequent in today's greenhouse gas emissions market.
Incentive-Based Regulation: Government regulations that induce changes in behaviour of individuals and firms to produce environmental, social or economic benefits that would otherwise be prescribed by legislation. Tradable emission allowances is an example of incentive-based regulation that replaces traditional types of regulations such as technology mandates or inflexible caps on individual sources of emissions.
Independent System Operator for New England, or ISO-NE: ISO-NE is responsible for dispatch of Generation Units and management of transmission of electrical energy at wholesale for NEPOOL.
Insurance (Ins): This term is used on the Trading Floor to identify those emission reduction offers whose underlying emission reduction projects have obtained at least one of the following types of insurance coverage:
Political
Business Interruption
Constructors all risks
Operators all risks
Advance loss of revenue or profits
Emission Reduction Generator Performance Guarantee (likely only to relate to projects which are either fully developed or well advanced in development).
This insurance indicator is most useful when interpreted in conjunction with the BGC Environmental Brokerage Services Project Index which indicates the stage of development of the emission reduction project. However not all offerors may elect to have their underlying project assessed (represented by index 7) or insured.
Note: CO2e has not verified the insurance coverage information provided by the offerors of the emission reductions, nor has it obtained the specific details of the insurance coverage obtained.
Intergovernmental Panel on Climate Change (IPCC): The World Meteorological Organisation (WMO) and the United Nations Environment Programme (UNEP) formed the Intergovernmental Panel on Climate Change (IPCC) in 1988. The IPCC represents the collective work of over 2,000 scientists, principally in the atmospheric sciences, but also comprising social, economic and other environmental components potentially impacted by climate change. Between its three Working Groups, the IPCC assesses the scientific and socio-economic aspects of human-induced climate change, as well as options for greenhouse gas reduction and other forms of climate change mitigation. Its Task Force on National Greenhouse Gas Inventories is responsible for overseeing the National Greenhouse Gas Inventories Programme (NGGIP).
The IPCC neither conducts original research nor monitors climate-related data, but its periodic assessment reports and technical papers play a very important role in the creation of climate change policies worldwide. The IPCC was instrumental in establishing the Intergovernmental Negotiating Committee for the United Nations Framework Convention on Climate Change (UNFCCC or the Convention) in 1992.
Internal Trading: An intra-company emissions trading system allowing the trade of emission permits among a firm's own business units with the objective of maximising cost effective internal emission abatement opportunities
International Emissions Trading (IET): A flexibility mechanism of the Kyoto Protocol which allows the trade of Assigned Amount Units (AAUs) among Annex B countries. It is expected that this activity will be delegated by national governments to entities within their jurisdictions so that international trading between entities will occur. This will adjust each nations 'pool' of AAUs.
International Energy Agency (IEA): An organisation formed in 1973 by major oil-consuming nations to manage future oil supply shortfalls.
Interpollutant Trading: The use of reductions of one type of pollutant to offset the increases of another. In new source review programs, ERCs of pollutants considered to be precursors to a second pollutant can be used to offset the increases of the second pollutant. For example, SOx is often considered to be a precursor to PM. As such, in some areas SOx reductions can be used to offset PM emission increases (though perhaps at a ratio of greater than 1:1).
IPIECA: International Petroleum Industry Environmental Conservation Association
Joint Implementation (JI): A project-based mechanism developed under the Kyoto Protocol (KP), designed to assist Annex 1 countries in meeting their emission reduction targets through joint projects with other Annex 1 countries, meaning that JI projects can only be implemented between capped industrialised countries. One or more investors (Governments, companies, funds etc) will agree with partners in a host country to participate in project activities which generate Emission Reduction Units (ERUs) . in order to use them for compliance with targets under the Kyoto Protocol.
Emissions from the host country are limited under the Kyoto Protocol; JI projects reduce emissions in the host country and free up part of their total amount (Assigned Amount) which can then be transfered to the investor country in the form of ERUs, which are subtracted from the host country's allowed emissions and are added to the total allowable emissions of the investor country. ERUs can only be used for compliance from 2008, even in the EU ETS.
There are two procedures by which to implement JI projects:
Track 1 When an Annex 1 country meets all the eligibility and reporting requirements under the KP, it can issue ERUs to a project, which can then transfer them to the investing entity.
Track 2 When an Annex 1 country is not in compliance with all the requirements, ERUs generated by a project must be verified by an external body under a procedure similar to that of the CDM. The host party must meet several requirements relating to the establishment of its Assigned Amount and national registry before it can issue and transfer ERUs.
JUSSCANNZ: T he JUSSCANNZ is a group of non-European Union industrialised nations in the Kyoto Protocol negotiations including Japan, United States, Switzerland, Canada, Australia, Norway, and New Zealand. Iceland, Mexico, and the Republic of Korea.
Kyoto Commitment Period (or Compliance Period): The period specified in the Kyoto Protocol from 2008 to 2012 in which Annex B countries have committed to reduce their collective emissions of greenhouse gases by an average of 5.2%. There are currently no emissions targets after the commitment period. These targets, if the United Nations Framework Convention on Climate Change (UNFCCC or the Convention) process continues in its present form, will be negotiated closer to the expiration of the first commitment period. It is expected that the current model of five-year periods of commitment will be maintained. Major questions regarding future commitment periods include the level of allowed emissions among capped (Annex I) countries and the extent to which additional countries take on caps (that is, developing country participation).
Kyoto Forests: A KyotoForest is a forest planted after January 1, 1990. Article 3 of the Kyoto Protocol states that only carbon sequestered from these forests during the commitment period of 2008-2012 will gain credit
Kyoto Mechanisms (or Flexibility Mechanisms): Mechanisms commonly referred to as Emissions Trading that allow for the creation and transfer of emissions permits between countries. Based on economic market principals, they are designed to minimise the cost of reducing global greenhouse emissions and include: Joint Implementation (Article 6), the Clean Development Mechanisms (Article 12), and International Emissions Trading (Article 17).
Kyoto Protocol: The Kyoto Protocol originated at the 3 rd COP to the United Nations Convention on Climate Change held in Kyoto, Japan in December 1997. It specifies the level of emission reductions, the deadlines and methodologies that signatory countries (i. e. countries who have signed the Kyoto Protocol) are to achieve.
The Kyoto Protocol specifies the deadlines and specific levels of greenhouse gas reductions that signatory countries are to achieve. Overall, developed countries are to reduce greenhouse gas emissions by 5.2% between 2008 and 2012 as measured against 1990 emission levels.
Land Conservation: Land Conservation is included in the project Class under the Carbon Sequestration Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Land) Land conservation prevents the release of carbon into the atmosphere, which occurs when lands come into production, by preventing production (eg. agriculture) from occurring.
GHG Sequestration & Quantification . Farmers and/or landowners enter into conservation agreements that restrict the activities implemented on contracted lands. Keeping the lands out of production maintains the carbon currently stored in the plant matter and soils of the conserved land, and the conserved vegetation continues to increase carbon sequestration. Such actions can be scientifically quantified through periodic soil/plant samples that measure the carbon levels in the soil and any increases in sequestration. Additionality . Entering into conservation agreements is a voluntary action by the landowner. Verification . Land conservation/reforestation can be verified by independent third parties to confirm that these lands are held out of production and that the scientific measurement is consistent. Ancillary Benefits . a) Protection of local ecosystem that is easy to publicly identify, b) Positive public relations with involved farmers and landowners.
Landfill/Biomass Capture: Landfill/Biomass Capture is included in the project Class under the Methane Recovery Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Landfill) Fugitive methane (CH 4 ) produced from landfill decomposition normally migrates into the atmosphere. Installing a CH 4 recovery system and combusting the CH 4 reduces the Global Warming Potential (GWP) of the landfill CH 4 .
GHG Reduction & Quantification . Global Warming Potential (GWP) of methane (CH 4 ) = 21, GWP of CO 2 = 1. Combustion of one tonne of CH 4 produces 2.75 tonnes of CO 2 ; therefore the capture and combustion of one tonne of otherwise fugitive CH 4 emissions yields a GWP benefit of at least 18.25 tonnes of CO 2 equivalent. If the captured CH 4 is used as an energy source (on-site or delivered into a pipeline) the full 21 tons of GHG reductions can be claimed. Additionality . Represented landfill gas projects are done in addition to exsiting regulations. Projects either voluntarily collect CH 4 when not mandated or extract additional amounts of CH 4 than required (done by creating extra collection wells). Also, the Seller has established an emissions baseline from which GHG reductions sold will be surplus. Verification . CH 4 recovery systems can incorporate meters to accurately measure the amount of CH 4 captured. Meter records, pipeline records, electricity production records and/or gas sales receipts can be used for verification and auditing purposes. Ancillary Benefits . a) CH 4 that migrates from a landfill can become explosive, landfill gas capture reduces this threat to surrounding communities, b) Promotion of the landfill gas as sustainable/renewable energy source that is no longer wasted, c) Odour reduction, and d) Potential to enter into a gas purchase agreement with Seller.
Lease: An instrument conveying property to another person or entity for a definite period, usually in consideration of rent or other periodical compensation.
Levy Exemption Certificate (LEC): LECs are certificates used by electricity suppliers against their Climate Chancge Levy (CCL)
Load Serving Entity (LSE): A retail electricity provider.
Location: :T here are eight Trading Board Definitions for locations of emission reduction projects as listed below:
Sth Am (South America): Argentina, Bolivia, Brazil, Chile, Colombia, Peru, Venezuela and Othr Sth Am (Other South American)
Africa: South Africa and all other African Nations
Mid East (Middle East): Bangladesh, Egypt, Israel and Other Mid East
Cen Asia (Central Asia): Belarus, India, Pakistan, Uzbekistan and Other Cen Asia
E AsPac (East Asia & Pacific): China, Indonesia, Malaysia and Philippines
AnB OECD (Annex B OECD): countries in both the Annex B and OECD groups including: Australia, Austra, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea (Sth), Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States of America
AnB Othr (Annex B Other) Annex B Countries, which are not in the OECD group including: Bulgaria, Croatia, Estonia, Latvia, Liechtenstein, Lithuania, Monaco, Romania, Russia, Slovenia, Ukraine
Cen Am (Central America) El Salvador, Jamaica and Other Cen Am
Marginal Abatement Cost (MAC): The cost of reducing emissions by one tonne of CO 2 e. An aggregation of these costs against total tonnes abated creates a firm's marginal abatement cost curve. The lower the MAC curve, the more effective the firm's emission reduction strategies
Mechanism: Definitions per the Trading Board: JI/IET - Joint Implementation, and International Emission Trading. CDM - Clean Development Mechanism
Methane (CH4): Greenhouse gas with a Global Warming Potential of 23. The primary sources of methane are landfills, coal mines, paddy fields, natural gas systems and livestock (e. g. cows and sheep).
Methane Recovery: Methane Recovery is a Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Methane) Is the capture and re-use of methane emissions either through cost-effective management methods or through power generations. Methane Recovery projects include:
Animal Waste Methane (Animal)
Coal Bed Methane (Coal)
Deep Methane Injection (Inject)
Landfill/Biomass Capture (Landfill)
MobileSource Emissions Reduction Credits: MSERCs are ERCs approved by the governing agency that are derived from measures that reduce emissions from mobile sources (e. g. converting buses to clean fuels, scrapping cars, etc.).
Monitoring: Monitoring relates to the regular measurement, assessment and recording of emissions and emission reductions by an emitting firm or an emission reduction project. For example, emitting firms may monitor the actual level of emissions reduction achieved as a result of internal abatement programs.
Montreal Protocol: The Montreal Protocol on Substances that Deplete the Ozone Layer was adopted in Montreal on 16 September 1987 as an international treaty to eliminate the production and consumption of ozone-depleting chemicals.
National self-determination: Self determination is the process of a nation (or a firm) deciding their own framework for emission control, measurement and monitoring methodologies, without reference to the wishes of any other nation, firm or agency.
NEPOOL Generation Information System, or NEPOOL GIS: An accounting system for certificates. For each megawatt hour of power, the system creates an electronic certificate, which may be sold or otherwise transferred off line. Certificates for generation are created on a monthly basis and put into the system on a quarterly basis. The certificate describes: when, where, and who produced the power; the type of fuel source used; renewable portfolio standard eligibility (MA, CT, ME); the amount and type of certain pollutant emissions released; and other characteristics (vintage and green-e eligibility). Retail electric suppliers use the information to report compliance with requirements set by certain New England states, such as: minimum renewable power purchase levels; disclosure of fuel source and other characteristics of the power that they sell; and maximum levels of certain emissions.
Netting: Netting regulations allow an entity to use emissions reductions achieved at a permitted facility to avoid some of the pre-construction review requirements that would normally apply to a proposed major modification at that same facility. Under netting provisions, emission reductions created over a specified time at a particular source can be balanced against emissions increases expected from the modification at the same source. If the net emissions increase is below the regulatory threshold level, the modification can be exempted from certain new source review requirements.
New England Power Pool, or NEPOOL: Formed in 1971, the New England Power Pool is a voluntary association of entities engaged in the electric power business in New England. NEPOOL members include investor-owned utility systems, municipal and consumer-owned systems, joint marketing agencies, power marketers, load aggregators, generation owners and end users.
New Source Review: NSR rules are administered by the controlling federal, state, or local entity and govern the construction of new major sources and major modifications of existing major sources. NSR rules often mandate that acquisition of emission offsets.
Nitrous Oxide (N 2 O): Greenhouse gas with a Global Warming Potential of 296. Results from the burning fossil fuels and the manufacture of fertiliser.
Non-Annex B Countries: Countries not included in Annex B of the Kyoto Protocol. Non-Annex B countries do not currently have binding emission reduction targets.
Non-Annex I Countries: Countries not included in Annex I of the United Nations Framework Convention on Climate Change UNFCCC. Non-Annex I countries do not currently have binding emission reduction targets.
Non-Governmental Organisations (NGO): . Registered non-profit organisations and associations from business and industry, environmental groups, cities and municipalities, academics, social and activist organisations, etc.
NOx Allowance: An emissions right issued by the governing state participating in the Ozone Transport Commission NOx Budget program that gives authorization to emit one ton of NOx during a specified year pursuant to the rules of the State's NOx Budget program. These Allowances may sometimes be banked into later years.
NOx Allowance Tracking System: In the OTC NOx Budget program, the NATS is the computerized system used to track the number of OTC NOx allowances held and used by any person.
NOx Emissions: The sum of nitric oxides and nitrogen dioxides emitted, calculated as nitrogen dioxide.
NOx Emissions Tracking System: In the OTC Budget program, the NETS is the computerized system used to track NOx emissions from NOx affected sources.
NOx Affected Source: In the OTC NOx Budget program, a fossil fuel fired, indirect heat exchange combustion unit[s] with a maximum rated heat input capacity of 250 MMBtu/hour or more, and all fossil fuel fired electric generating facilities rated at 15 megawatts or greater, or any other source that voluntarily opts to become a NOx affected source.
NOx Allocation: In the OTC NOx Budget program, assignment of NOx Allowances to a NOx affected source and recorded by the NOx budget administrator to a NOx Allowance Tracking System account. In the RECLAIM program, NOx sources have NOx RTC allocations issued by the SCAQMD.
NOx Allowanc Transfer: In the OTC NOx Budget program, the conveyance to another NATS account of one or more NOx Allowances from one person to another by whatever means, including, but not limited to, purchase, trade, auction or gift.
NOx Allowance Transfer Deadline: In the OTC NOx Budget program, the deadline by which NOx Allowances may be submitted for recording in a NOx affected source's compliance account for purposes of meeting NOx Allowance requirements.
NOx Budget: In the OTC NOx Budget program, the total tons of NOx emissions that may be released from NOx affected sources.
NOx Budget Administrator: In the OTC NOx Budget program, the person or agency designated as the NOx budget administrator of the NATS and the NETS.
OECD: Organisation for Economic Co-operation and Development which includes the following countries: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Korea, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.
Offer: Price at which the owner of an emission reduction, credit, or allowance is willing to sell (a. k.a. Ask)
Official Development Assistance (ODA): Official Development Assistance is funding provided governments of developed countries to developing countries to assist in various community, health and commercial projects.
Offset Ratio: The amount of pollutant that must be secured relative to the on-site emission increase. Often, new sources must offset their emissions at a greater than 1:1 ratio, especially if the offsetting emission reductions are derived from an off-site source.
Operational Entity: An entity authorised by the CDM Executive Board to be able to approve output from CDM projects.
Options: Contracts that give the option buyer the right but not the obligation to enter into a specific transaction purchase (a Call) or sale (Put) up to a certain date. The price (Strike Price), quantity and terms of delivery are locked in at the trade date. The expiration or exercise date (Strike Dates) is also locked in at that time, that is the date after which the option buyer's rights to enter into the transaction terminate. The option seller must live by the decision of the buyer, and is paid a premium for selling the optionality or flexibility to the buyer.
Option buyers may be either the buyers or seller of the underlying commodity. If they wish to buy the commodity they purchase a Call option ie. that is the right but not the obligation to purchase the commodity at the specified terms. If they wish to guarantee the sale of the commodity they purchase a put option ie. right but not the obligation to enter into a sale of the commodity at specified terms
OTC NOx Budget Program: The cap and trade program administered by the OTC MOU signing states.
Ozone Transport Commission Memorandum of Understanding (OTC MOU): The memorandum of understanding (MOU) signed by representatives of ten states and the District of Columbia as members of the Ozone Transport Commission (OTC) on September 27, 1994.
Participating Source: In the Illinois ERMS program, a Participating Source is a source operating prior to May 1, 1999, located in the Chicago non-attainment area, that is required to obtain a Clean Air and Permit Program permit and has baseline emissions of at least 10 tons, as specified in Section 205.320(a), or seasonal emissions of at least 10 tons in any seasonal allotment period beginning in 1999.
Particulate Matter: In the New Source Review program, PM represent emissions of any material, except uncombined water, which exists in a finely divided form as a liquid or solid at standard conditions. PM10 is PM emissions with an aerodynamic diameter of 10 microns or less.
Perfluorocarbons (PFCs: Perfluorocarbons were developed and introduced, alongside hydrofluorocarbons, as an alternative to ozone depleting CFC’s and HCFC’s. PFCs are emitted as by-products of industrial processes and are also used in manufacturing. They do not harm the stratospheric ozone layer, but they are powerful greenhouse gases. The predominant gases are CF4 and C2f6: CF4 has a global warming potential (GWP) of 6,500 and C2F6 has a GWP of 9,200.
Phase: Many new regulatory programs, especially those imposing considerable restrictions are implemented in phases. For example, Title IV of the US Clear Air Act Amendments of 1990 (the US Acid Rain Program) had three phases. Phase 1a, from 1995 – 1999, was a training program based upon the 110 largest emitters of sulphur dioxide (SO 2 ). Phase 2 began on 1 January 2000 and expanded the program to include all power stations that emit SO 2 with a capacity > 25 MW
Polluter Pays: Principle that pollution (specifically greenhouse gas emissions) creating entities should pay compensation to third parties for pollution damages. This equates to polluters paying for the environmental externalities created by pollution.
Precautionary Principal: In reference to the Kyoto Protocol, the idea that action to forestall large-scale, irreversible damage from climate change is warranted even though the risks of climate change are not yet fully understood.
Pre-commitment Period : Is the period prior to the first Kyoto Commitment Period. This is an important time for the development of the Kyoto Protocol operational framework and to determine the involvement of signatories to the Kyoto Protocol.
Premium: A put or call buyer who is purchasing an option must pay to a put or call seller a premium for an option contract. This premium is determined by market supply and demand forces.
Primary Market: The exchange of emission reductions, offsets, or allowances between buyer and seller where the seller is the originator of the supply. The exchange of greenhouse gas emission reductions is currently conducted only in the primary market (vs. the secondary market).
Process Change: Process Change is a Category and project Class on the BGC Environmental Brokerage Services Trading Board (Abb: Process). Is an improvement of the emissions associated directly with a manufacturing process. For example, improving the composition of klinker to reduce emissions of CO 2 e in cement manufacture or improving the recycled content in the aluminium smelting process.
Project Scenario: An emission reduction project's emission forecast. In some cases the project scenario may be nil but its operations may reduce emissions in the existing operations of the business. The Project Scenario is compared with the existing operations Business as Usual (or baseline) scenario to determine the emission reductions achieved by the emission reduction project.
Protocol: A separate, additional agreement that must be signed and ratified by the Parties to the convention. Protocols are a way of strengthening a convention by adding new, more detailed commitments. See Kyoto Protocol
Reactive Organic Gas: In the SCAQMD New Source Review program, ROG is any gaseous chemical compound which contains the element of carbon excluding a variety of compounds.
REC Banking: An administrative means by which RECs can be stored for later user or sale. For example, Texas RECs have a 3-year life. If a REC is not used in the year of its creation, it may be banked and used in either of the next 2 compliance periods (years). The issue date of the RECs coincides with the beginning of the compliance year in which the RECs were generated.
REC Trading Program: The process of awarding, trading, tracking, and submitting RECs.
RECLAIM: The Regional Clean Air Incentives Market established by the SCAQMD, a cap and trade rule covering sources with 4 tons per year or more of NOx or SOx emissions and resulting in a reduction of NOx and SOx emissions of 75% and 61%, respectively, from affected sources.
RECLAIM Pollutants: In the RECLAIM program, oxides of nitrogen (NOx) and oxides of sulfur (SOx), excluding any NOx emissions from on-site, off-road mobile sources and any SOx emissions from equipment burning natural gas.
RECLAIM Trading Credit: In the RECLAIM program, the RTC is a limited authorization to emit a RECLAIM pollutant in accordance with the restrictions and requirements of the RECLAIM rules. Each RTC has a denomination of one pound of RECLAIM pollutant and a term of one year, andcan be held as part of a facility’s Allocation or alternatively may be evidenced by an RTC Certificate.
Reconciliation Period: The period of time after the quarter, half-year, or compliance year ends during which affected sources may true-up their accounts. Credit or allowances holders that are long (e. g, they have more credits or allowances in their account than are needed to cover their emissions over the just completed period) have the opportunity to sell the surplus credits or allowances during the reconciliation period. Those that are short (e. g. they have an insufficient quantity of credits or allowances in their compliance accounts than are needed to cover their emissions over the just completed period) may acquire credits or allowances to account for any shortfalls during the reconciliation period. Each program has its own reconciliation period.
Reference Year: The benchmark year on which emission reduction targets are established. The Kyoto protocol uses 1990 as the reference year against which Annex I nations are required to control their emissions
Reforestation: A process that increases the capacity of the land to sequester carbon by replanting forest biomass in areas where forests were recently harvested.
Registration: Process of registering emission reduction data with a third party registry.
Registry: Term used on the Trading Floor to indicate which emission reductions on offer have been registered with an independent emission reduction registry. Each registry applies its own criteria to determine what emissions merit registering. The registration process can vary widely from verification against rigorous measurement protocol to simply dating the registrant’s, as yet, unverified claims.
Note: BGC Environmental Brokerage Services has not verified the emission reduction registration information provided by the offerors of the emission reductions, nor has it obtained the specific details of the process required for registration.
Registry Manager: The person designated by a Competent Authority under the EU Emissions Trading Directive to Manage the each Member State Registry.
Removal Units (RMUs): RMUs are a new unit created at COP7, representing sinks credits generated in Annex 1 countries, including through Joint Implementation. RMUs can only be used to meet emissions targets in the commitment period in which they were generated, and cannot be banked for future use.
Regulation XIII: The new source review and offset program administered by the SCAQMD.
Renewable Energy: Energy derived from non-fossil fuel resources (ie. Wind, solar, hydro, biofuels)
Renewable Energy Guarentee of Origin (REGO)
A guarantee of origin issued in respect of each kilowatt hour produced from renewable energy sources in the UK.
The new source review and offset program administered by the SCAQMD.
Renewable Energy Certificate or Credit (REC): The term “REC” is generally synonymous with Green Tags and Transferable Renewable Energy Credits (TRECs). A REC is not electricity. It represents the renewable or “green” aspect of electric power generated through the use of renewable fuels, such as wind, hydro, solar, and biomass that produce one MWh or KWh of electricity from a certified renewable generator. Depending on the program under which they are generated, RECs can be bought and sold separate from the power from which they are derived. REC buyers include power generators and users that are required, or elect, to provide or use a certain percentage of green power. REC sellers include power generators and traders that hold more RECs than they require.
Renewable Energy Resource (Renewable Resource): A resource or fuel that produces energy derived from renewable energy technologies.
Renewable Energy Technology: A technology that exclusively relies on an energy source that is naturally regenerated over a short time and derived directly from the sun, indirectly from the sun, or from moving water or other natural movements and mechanisms of the environment. Renewable energy technologies include those that rely on energy derived directly from the sun, on wind, geothrmal, hydroelectric, wave, or tidal energy, or on biomass or biomass-based waste products, including landfill gas. A renewable energy technology does not rely on energy resources derived from fossil fuels, or waste products from inorganic sources.
Renewable Portfolio Standard (RPS): Requirement for electricity retailers to purchase a specific % of sales from renewable energy generators.
Renewable Obligation: The Renewable Obligation requires generators in the UK to produce a fixed percentage per year of electricity from renewable fuel sources. Certificates are issued under the scheme to renewable generators which can be negotiated and traded to allow generators to hit their targets.
Renewable Obligation Certificates (ROCs): ROCs are certificate issued for eligible renewable electricity generated and supplied to customers in the United Kingdom by a licensed supplier, which are sbject to the Renewable Obligation.
Renewable Transport Fuel Obligation (RTFO): A mandate in the United Kingdom that will require 5% of all road vehicle fuel to be supplied from sustainable renewable sources by 2010.
Renewable Energy Certificate or Credit (REC): The term “REC” is generally synonymous with Green Tags and Transferable Renewable Energy Credits (TRECs). A REC is not electricity. It represents the renewable or “green” aspect of electric power generated through the use of renewable fuels, such as wind, hydro, solar, and biomass that produce one MWh or KWh of electricity from a certified renewable generator. Depending on the program under which they are generated, RECs can be bought and sold separate from the power from which they are derived. REC buyers include power generators and users that are required, or elect, to provide or use a certain percentage of green power. REC sellers include power generators and traders that hold more RECs than they require.
Renewable Energy Resource (Renewable Resource): A resource or fuel that produces energy derived from renewable energy technologies.
Renewabe Portfolio Standard (RPS): Requirement for electricity retailers to purchase a specific % of sales from renewable energy generators.
Reservoir: Reservoirs are greenhouse gas storage locations within the biosphere such as oceans, soils, and forests. The reaction of these reservoirs to global climate change is difficult to predict.
ROCs: See Renewable Obligation Certificates
RTC Certificates: In the RECLAIM program, certificates issued by the SCAQMD and constituting evidence of RTCs held by any person and are used for information only.
Seasonal Allotment Period: In the Illinois ERMs program, the period from May 1 through September 30 of each year.
Seasonal Emissions: In the Illinois ERMs program, the actual volatile organic material emissions at a Paticipating Source that occur during a Seasonal Allotment Period.
Seller: A person who sells credits or allowances to another person through a sale, lease, trade, or other means of transfer.
Soil Conservation & Land Management: Soil Conservation & Land Management is included in the project Class under the Carbon Sequestration Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Soil) Current farming practices incorporate the tillage of land in preparation for planting. Soil has organic carbon stored below its surface, and tilling the soil exposes the carbon to microbial breakdown that releases CO 2 into the atmosphere. Instituting a no till/low till land management program can result in a net sequestration of soil carbon. Additional GHG reductions occur due to decreased fertiliser and on-the-farm energy use.
GHG Sequestration & Quantification . Alternative land management practices incorporate soil conservation practices that increase the carbon content of the soil. Such actions can be scientifically quantified through periodic soil samples that measure the carbon levels in the soil and any increases in carbon sequestration.
Additionality . There is no mandate requiring farmers to incorporate any such soil conservation practices. To the contrary, short-term business pressures make it economically difficult for farmers to transfer to these practices.
Verification . Such soil conservation/land management practices can be verified by independent third parties to confirm that these lands are held out of production and that the scientific measurement is consistent. An independent third party can implement a baseline study to determine the net sequestration derived from soil conservation/land management activities; other estimation techniques are also available.
Ancillary Benefits . a) Protection of nutrient value of conserved lands b) Positive public relations with involved farmers and land-owners c) secondary environmental benefits due to decreased fertiliser usage/run off.
South Coast Air Quality Management District: The SCAQMD is the entity that governs sources emitting air pollution in the four county Los Angeles metropolitan area and administers the RECLAIM cap and trade program and the Regulation XIII new source review program.
SOx Allowance: An emission right issued by the US EPA under Title IV of the Clean Air Act Amendments of 1990 that gives authorization to emit one ton of SO2 emissions on or after the vintage pursuant to the rules of the Acid Rain program. SO2 Allowances may be used during their vintage year or banked and used in subsequent years.
SOx Emissions: Emissions of sulfur dioxides.
Starting Price: Is the price of the emission reductions (measured in US$/tCO 2 e) at the Starting Delivery Date in bid/offer for a Forward Contract. The input engine allows you to use this as the base price to which the Escalation Rate is applied for the selected Tenor
Supplementarity: A Kyoto Protocol requirement that adequate domestic energy and other policies exist to ensure the achievement of long-term emission reduction goals. The supplementary rule is still open to interpretation however it reflects the request of the European Union to limit the use of the Kyoto Protocol flexibility mechanisms.
Technology Transfer: The process by which energy-efficient or low emission intensive technologies developed by industrialised nations are made available to less industrialised nations. Technology transfer may occur through the sale of technology by private entities, through government programs, non-profit arrangements, or other means.
Term/tenor: Period of time (measured in years) during which the conditions of a contract will be carried out
Total Tonnage: Please enter the total tonnage in ‘000s Tonnes CO 2 e that you wish to purchase on the Trading Floor.
Tradable Emission Permits: A permit is an authorisation allowing an emitter to emit a specified number of tonnes of emission, once those tonnes have been emitted, the permit expires. The total number of permits in any tradable market equals the desired level of emissions sought by the regulating authorities. Tradable permits allow emitters to determine the most economic manner to cover their emissions—by buying permits to cover emissions, taking actions to reduce emissions and selling excess permits, or a combination of those activities.
Trade: A transaction where a buyer and seller exchange a recognised commodity.
Trade Request: A Trade Request is a simple step-by-step guide to assist you in completing a offer to sell or a bid to buy emission reductions. The Trade Request also assists you in structuring the bid/offer through the use of a variety of tools, including a graphing function. Trade Requests may also be saved, for completion at a later date, prior to submission to the BGC Environmental Brokerage Services brokers.
Trading Zone: In the RECLAIM program, one of two areas delineated in Rule 2005 – New Source Review for RECLAIM, Map 1.
Transportation: Transportation is included in the project Class under the Energy Use Category on the BGC Environmental Brokerage Services Trading Floor(Abb: Transp) Transportation consists of private and public passenger and freight transports.
GHG Reduction and Calculation: GHG reductions occur when fossil-based fules in vehicles, fleets or other transports are switched to less intensive fossil fuels or converting to non-fossil based transportation systems. The reductions occur in the displacement of fossil fuels. Additionality: Transportation concessions are implemented in addition to exsiting regulations on a voluntary basis or exceed minimum standards set for transportation sources. Verification: Fuel records and performance standards are evaluated and audited by a third party. Ancillary Benefits: Reduced local air pollution, reduced traffic congestion.
Transaction Account: In the Illinois ERMs program, an account authorized by the IEPA that allows an Account Officer to buy or sell ATUs.
Transferable Renewable Energy Credits (TRECs): See Renewable Energy Certificate or Credit.
Type: Type is found on the Trading Floor, which refers to type of trade. This includes, with abbreviations in brackets as displayed on the Forward/Options Market:
Types of instruments:
Adelante
American Call Option (Am Call)
American Put Option (Am Put)
European Call Option (Eu Call)
European Put Option (Eu Put)
United States Environmental Protection Agency: The agency that administers the SO2 acid rain program and operates the NATS.
Unilateral CDM Projects: Unilateral CDM projects are projects which do not have a project investor from abroad. The decision was taken at COP7 to allow developing countries to undertake CDM projects without an Annex I partner, and market the resulting emissions credits.
United Nations Framework Convention on Climate Change (UNFCCC): The UNFCCC was established in June 1992 at the Rio Earth Summit. Its primary objective is the "stabilisation of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic (man-made) interference with the climate system. Such a level should be achieved within a time-frame sufficient to allow ecosystems to adapt naturally to climate change, to ensure that food production is not threatened, and to enable economic development to proceed in a sustainable manner." The UNFCCC is the governing body for international negotiations.
Verification: Verification is often undertaken during a due diligence process in a buy/sell transaction. It provides independent assurance that actual or expected emission reductions have been/will be achieved from an emission reduction project during a specified period. The level of assurance provided will depend on the procedures undertaken by the independent verifier, the scope of which is usually agreed by the transacting parties and may include: assurance as to compliance with Kyoto/national regime requirements (however this will only be possible when such requirements are clearly defined), adequacy of measuring and monitoring systems for emission reduction credits, reviewing the operations of the underlying emission reductions project etc.
Verified Emissions Reductions (VERs): Emission reductions that are not covered by a regulatory scheme but are verified by an independent third party.
Vintage: The first year that credits may be used for compliance. Depending on the program, credits can be used during their vintage, or banked for re-issuance in a later year.
Volatile Organic Compound: In a variety of State New Source Review programs, a VOC is any gaseous chemical compound which contains the element of carbon excluding a variety of compounds. Sometimes referred as ROG, reactive organic compounds, volatile organic substances, or volatile organic material.
Volatile Organic Material: In the Illinois ERMS program, a VOM is any gaseous chemical compound which contains the element of carbon excluding a variety of compounds.
Voluntary Commitment: Actions taken by an entity that reduce emissions outside of regulatory requirements. During the Kyoto Protocol negotiations, a draft article on voluntary commitments would have permitted developing countries to take on voluntary, legally binding emission reduction targets, but was dropped from the final Protocol text.
Waste CO2 Recovery & Deep Injection: Waste CO2 Recovery & Deep Injection is included in the project Class under the Carbon Sequestration Category on the BGC Environmental Brokerage Services Trading Floor (Abb: Waste/Inj) CO 2 from an industrial source is normally vented into the atmosphere. This project captures the vented CO 2 and utilises it to enhance an oil recovery operation. The CO 2 is sequestered in underlying bedrock that formerly held the oil.
GHG Reduction & Quantification . CO 2 is an industrial by-product that is normally vented into the atmosphere. Instead this waste CO 2 is captured and transported by pipeline to a producing oil field. The CO 2 is injected into oil wells to enhance oil recovery, ultimately being sequestered in the bedrock, as it displaces oil. The waste CO 2 that would normally be vented displaces CO 2 that would have been created in or extracted from wells in the oil field specifically for this purpose. The reduction can be quantified on a 1-for-1 basis i. e. 1 tonne CO 2 captured and injected results in 1 tonne of reduced CO 2 . Additionality . CO 2 is not a regulated emission and as such, any CO 2 captured/sequestered is voluntary. This process also displaces CO 2 that would normally be manufactured or extracted for enhanced oil recovery. Any CO 2 capture and injection is in addition to existing regulations. Verification . The waste CO 2 is captured and then transported from the industrial facility to the oil field by pipeline. This pipeline system incorporates meters to accurately measure the amount of CO 2 captured, transported, and injected. CO 2 production records, meter records, pipeline records, and/or CO 2 sales receipts can be used for verification and auditing purposes.
Where do carbon credits come from?
Carbon credits come from GHG emission reduction projects that deliver measurable reductions in emissions by either:
Replacing the use of dirty fossil fuels with renewable energy;
Reducing the use of fossil fuels through energy efficiency; o
Capturing and storing already released carbon in trees and other plants.
For example, a wind farm project supplies power stations with renewable energy replacing the need for energy produced from fossil fuels such as coal. Energy efficiency projects reduce the direct release of GHGs into the atmosphere, e. g. a domestic project in Kenya that The Gold Standard is in the process of accrediting, distributes an engineering system for low-income families that treats contaminated water, reducing the direct release of GHGs into the atmosphere by avoiding the need to burn firewood to boil water. It is estimated that this project will generate more than 2-million emission reduction credits per year, the equivalent of taking nearly 350,000 cars off the road for one year.
Capturing and storing already released carbon in trees and other plants is known as carbon sequestration and requires the protection of existing forests or the planting of additional trees and plants.
The atmosphere has no national boarders and does not care where GHGs are emitted or prevented. The most important factor in terms of fighting climate change is reducing the total amount of emissions worldwide.
Why carbon markets?
Climate change caused by greenhouse gas (GHG) emissions is a serious global problem. National and international attempts to mitigate the growth in atmospheric concentrations of GHGs have resulted in the formation of a carbon market. Currently the carbon market is comprised of a compliance market, made up of emitters who are obligated to reduce their emissions and a voluntary market, in which organisations voluntarily reduce their carbon emissions. Most economists argue that an efficient, international carbon market will reduce GHG emissions at the lowest cost, allowing polluters that are unable to abate their own emissions cheaply to invest in projects globally that can.
The compliance carbon market
In 1992 the United Nations Framework Convention on Climate Change (UNFCCC) was created to raise awareness and build knowledge to help mitigate climate change. In 1997, more than 170 countries adopted the Kyoto Protocol to the Convention. This set legally binding targets for 37 industrialised countries to limit or reduce overall GHG emissions by at least 5% below 1990 levels during the period 2008-2012.
To achieve the targets set within this protocol, three flexible financial mechanisms were created:
Emissions Trading – the international transfer of emission allocations between industrialised (Annex 1) countries. P. ej. a country that stays within its target can sell the surplus allowances to another country that has exceeded its limit.
The Clean Development Mechanism (CDM) – creates carbon credits called Certified Emission Reductions (CERs) through emission reduction projects in developing countries, regulated by the United Nations. Emitters who have exceeded their emission allocations can purchase these CERs to make up the difference.
Joint Implementation – any Annex I country can invest in emission reduction projects in any other Annex I country as an alternative to reducing emissions domestically.
The rational behind such schemes is that climate change is a global problem and that the location of GHG emission reductions is irrelevant in scientific terms. This means that a tonne of carbon dioxide reduced in a cook stove project in Kenya has the same environmental value as a tonne of carbon dioxide reduced through a wind project in China or a clean energy project in the United States. The difference in these projects is the cost of implementation.
The emission reductions generated by these flexible mechanisms are collectively referred to as ‘carbon credits’. A carbon credit is a financial instrument that represents a reduction or the avoidance of one tonne of carbon dioxide equivalent (tCO2e) from the atmosphere.
These three mechanisms, along with the European Union Emissions Trading Scheme (EU ETS) put in place by the EU in order to meet its Kyoto target, make up the largest environmental market in the world for the trading of carbon credits.
The voluntary carbon market
In a voluntary carbon market, an entity (company, individual, or other “emitter”) volunteers to offset its emissions by purchasing carbon credits that reduce the amount of carbon in the atmosphere. It is driven by a company’s desire to demonstrate leadership and/or ‘do the right thing’ and has been around in different forms for many years. The wish to make voluntary commitments to reduce their impact on the environment pre-dates the Kyoto Protocol.
Reasons to engage in the voluntary carbon market could include:
To save money/reduce operating costs
Corporate Social Responsibility (CSR)
Leading by example
Demand from stakeholders
Pre-compliance
Green marketing / boosting green and socially responsible credentials
Mitigating reputational and commercial risk
What are the main differences between a compliance carbon market and a voluntary carbon market?
Carbon markets can be either voluntary or mandatory. The main difference between the two is that the voluntary market is unregulated. Even so, there are recognised international standards, such as The Gold Standard, that monitor and verify the quality and validity of the carbon credits that are traded.
Those involved in both markets also tend to have different profiles. Compliance schemes are currently aimed at the most “energy intensive” emitters (at a company level). These include power generators, oil refineries, iron and steel production and processing companies, those who produce commodities such as cement, glass and ceramics and the paper and pulp industry.
The voluntary market serves the purpose of businesses (typically blue-chip corporations), government departments, NGOs and single individuals wanting to manage their carbon footprint.
How does an emissions trading scheme work?
Emissions trading, also known as ‘Cap and Trade’, is a market-based approach to address climate change.
The basic principle involves setting a limit on the total quantity of GHG emissions allowed to be released over a given period of time (the “cap”). Each participant in the scheme receives an individual cap or allowance. Emission permits or allowances are issued to help cover these caps.
The trading part establishes a market for these permits by allowing organisations to buy and sell depending on whether they have a shortfall or surplus in allowances. (E. g. a participant who emits less then their allowance can sell the unused balance to another participant who has exceeded their allowance). Emissions trading encourages companies to continually reduce emissions – the more permits they don’t use, the more money they can make from selling that excess.
Most emissions trading schemes also allow participants to purchase carbon credits from GHG emission reduction projects in developing countries. One credit equals one tonne of emissions saved. As long as these credits are certified to the correct level then they can count towards the emitter’s target back home. However, to ensure that emitters are making a significant contribution to controlling their own emissions, and are not just buying their way out of their obligations, offset usage in trading schemes is usually limited to a proportion of the overall emissions target.
An emissions trading scheme, when functioning well, results in overall emissions remaining within the cap, while individual participants have the flexibility of a market-based mechanism within which to operate.
What does “additionality” mean and why is it important?
Additionality is a defining concept of carbon-offset projects. To qualify as a genuine carbon offset, the reductions achieved by a project need to be ‘additional’ to what would have happened if the project had not been carried out (e. g. continued as business-as-usual). For instance, if a project is viable in its own right, say through the sale of electricity, or because of government funding, regulation or other policies, then it cannot be used as an offset project as it would have been undertaken regardless of investment secured through carbon markets.
The concept of additionality is important as only carbon credits from projects that are “additional to” the business-as-usual scenario represent a net environmental benefit. Without the “additionality” requirement, there is no guarantee that the emissions reduction activities will lead to a reduction of greenhouse gases into the atmosphere. Therefore, in simple terms, if carbon credits are awarded to activities that would have happened anyway, emissions are allowed to rise without a corresponding cut elsewhere, therefore making the process meaningless.
How can we know if an emission reduction is real?
Genuine carbon standards have been set up to provide assurances to buyers that the emissions reductions generated by a particular project are indeed real, quantifiable and additional.
Credible standards provide high quality, independently verified assessments of the emission reductions produced by a project. The Gold Standard goes one step further and ensures that all its projects meet robust and stringent methodology requirements for sustainable development in the local area.
To ensure the purchase of high quality carbon offsets, it is imperative that companies pursue offsets that have been subjected to rigorous third party monitoring, reporting and verification procedures. It is also useful to source carbon credits from a reputable offset supplier who can offer transparency in terms of the projects, pricing and retirement of the carbon credits.
How does carbon offsetting provide a solution to climate change?
Carbon offsetting on its own will not provide a solution to climate change, it will need a multi-layered approach with different schemes working in conjunction. However, that said, carbon offsetting does have a large role to play in the overall approach to carbon management. Reducing emissions internally takes time and money; carbon offsetting is a quick and cost effective way to balance a carbon footprint whilst waiting for the fruition of internal abatement measures.
At the same time, the emission reduction projects paid for by offsets introduce clean technology and investment into developing countries, helping communities to improve their economy and industry but not at the cost of the environment. Carbon offsetting projects help to successfully establish a path to a low carbon economy.
Why should a business consider carbon offsetting?
Carbon offsetting provides the opportunity to offset unavoidable emissions, reducing a company’s impact on the environment. It offers companies’ access to compelling social-economic community marketing opportunities whilst helping to finance projects that would not otherwise be viable. The atmosphere does not care where GHGs are emitted or where they are prevented. All that matters in the fight against climate change is reducing the total amount of emissions.
In addition to showing leadership and environmental stewardship there are many reasons to reduce emissions and support carbon offsetting, including:
Mitigate against the risk of impending regulations
Create significant savings from reduced energy bills and increased operational efficiencies
Demand from stakeholders, improving brand perception, especially in the eyes of environmentally conscious consumers
To meet with Corporate Social Responsibility (CSR) obligations
Leading by example, power to evoke a real change in consumer purchasing behaviour
Reputational and commercial risk of not being seen as environmentally conscious
The rising threat of extreme weather warnings, rising sea levels and natural disasters
Security risks from lack of energy, water and food supply
Are carbon credits just ‘permissions to pollute’?
No. Even with the clean technology we continue to develop, our society as a whole is going to carry on polluting the atmosphere. It is not possible to not pollute, but one thing we can do is regulate it whilst we move to low carbon economies.
Under Emissions Trading Schemes there is a maximum amount of CO2 that countries, or companies, are allowed to release into the air every year. Countries and organisations can buy or sell carbon credits, that is, the allowance to put more carbon into the air, from other countries and organisations. Where one might lose a carbon credit, the other is gaining it.
In fact, having carbon credits is believed to help reduce pollution as it encourages companies to continually reduce emissions. Buying obligatory carbon credits is an additional cost to a company, it therefore motivates companies and countries to look for ways to internally reduce the amount of CO2 they emit. Likewise, there is an incentive to pollute less than the allocation as selling the surplus carbon credits is also lucrative.
Are some offsets or carbon credits better than others?
Arguably, as long as the credit is trustworthy and robust, a ton of CO2 removed from the atmosphere is a ton of CO2 removed from the atmosphere, it doesn’t matter where or what type of technology was used. However, different types of carbon credits suit different buyers depending on their needs and obligations. For example, compliance buyers may prefer cheaper offsets to meet their obligations in the most economical manner whereas buyers building a comprehensive CSR strategy may prefer more ‘charismatic’ projects that meet both their environmental and the social-economical commitments. So there isn’t one carbon credit better than another, but there are carbon credits more suited to a business need than others.
Should I buy carbon credits for investment purposes?
The Gold Standard Foundation is aware that there have been complaints to the Financial Services Authority (FSA) in the United Kingdom about carbon credit trading schemes. While none of the complaints to the FSA were related to The Gold Standard, some financial institutions, hedge funds and corporations do invest, buy, sell and trade in carbon credits, including Gold Standard-certified carbon credits.
The carbon markets have witnessed significant growth over the last few years, but they are not risk-free. Investing in carbon credits is more complex than a traditional investment, making the opportunity more difficult for individual investors to evaluate. If you need to sell your carbon credits at any given time, you should be aware that your ability to do so will be contingent on the state of the secondary trading market, which is affected by various global political and economic factors that are beyond The Gold Standard Foundation’s control. The Gold Standard Foundation recommends that purchasers of its credits retire them in order to reduce their carbon footprint.
The Gold Standard Foundation will be a part of any industry initiative on best practice and strongly recommends that consumers seek independent financial advice before investing in the carbon markets. Individual investors are also urged to review the additional resources listed below and check the registration of any person or company offering an investment opportunity in the carbon markets.
QUESTIONS TO ASK BEFORE INVESTING
How do I know whether carbon credits are an appropriate investment for me given my overall investment objectives?
What are the fees and other costs? You should pay particular attention to the fees and hidden costs of any product you invest in. Ask your investment professional to explain all of the fees and costs associated with the investment.
How long will my money be tied up? While it is easy to turn many investments into cash, liquid markets for some types of carbon credits might not exist. Research the type of credit you are buying before you purchase.
What risks are associated with the underlying project(s) and certification standards?
Ecosystem Marketplace (www. ecosystemmarketplace. com )
Carbon Markets & Investors Association (www. cmia. net )
International Carbon Reduction & Offset Alliance (www. icroa. org )
International Emissions Trading Association (www. ieta. org )
The basics of carbon offsetting
When companies or individuals go about their daily lives and conduct business they use energy. When this energy is derived from fossil fuels such as oil, coal and gas, it releases carbon and other greenhouse gases (GHGs) into the atmosphere. This is one of the key contributors to climate change.
Carbon offsetting is the process by which businesses and households can compensate for the release of these GHG emissions by funding certified GHG emission reduction projects that either destroy GHG emissions, prevent their release elsewhere or sequestrate the carbon dioxide.
Gold Standard FAQs
What types of projects are eligible to register with the Gold Standard?
Renewable Energy – such as solar, biomass, biogas and liquid biofuels (if they produce electricity), wind, geothermal, hydro.
Energy Efficiency – industrial, domestic, transportation, public sector, agricultural sector and commercial sector.
Waste Handling and Disposal – all waste handling activities that deliver an energy service or a usable product with sustainable development benefits (e. g. composting).
Short Lived Climate Pollutants – such as Black Carbon
Land Use & Forests
Afforestation projects - that establish a forest in an area that previously was not forested.
Reforestation projects - that re-establish a forest, either naturally or by direct seeding or planting.
Agriculture programmes - that focus on increasing farm productivity whilst lowering the impact of the key drivers of deforestation.
Programmes that that supply, purify, and conserve water – including WASH projects and sustainable sugarcane initiatives.
The Gold Standard approach and what it means?
A holistic approach that addresses the nexus of climate, energy, food and water security
Breath of impact featuring both environmental and social dimensions that contribute to multiple Sustainable development Goals and/or CSR objectives
Performance-based payments using a results based finance framework for funding
De-risking of investment from payments only for verified outcomes
Strong governance and rigorous long-term project design
Greater outcomes and a better story to share with stakeholders
Rigorous and regular measurement and evaluation against pre-defined objectives
Certainty of quantifiable ROI with clear metrics for simple reporting
Transparency and public sharing of data
Higher credibility and protection against reputational risk
What is the Gold Standard?
Gold Standard is a standard and certification body that works to ensure every dollar of climate and development funding goes as far as it can. To do this, we design the strongest processes that maxmise the impact of efforts to deliver clean energy and water, responsibly manage land and forests, and transform lives of the world’s poor. We then verify those outcomes, inspiring greater confidence that drives investment to accomplish even more.
Now with more than 80 NGO supporters and 1100 projects in over 70 countries, our projects have delivered billions of dollars in climate and development outcomes in local communities all around the world.
Why was the Gold Standard created?
In 2003, representatives of environmental and human rights organisations convened in Brussels to discuss their concerns that carbon markets could become a ‘race to the bottom’ in relation to environmental integrity and sustainable development.
The group highlighted the need for a system that could identify and encourage well-designed activities as the sources for credible greenhouse gas reductions that maximise wider sustainable development outcomes. At this meeting the concept of the Gold Standard was born.
The Gold Standard certification process was developed through close collaboration between technical and policy experts from civil society, governments, multilateral organisations and the private sector. A non-profit Swiss Foundation was established to house a full-time secretariat for the standard and to further develop tools to achieve its mission.
Now endorsed by 80+ international NGOs and with more than 1,200 projects in 70 countries undergoing certification. The Gold Standard has become the global benchmark for the highest integrity and greatest impact in climate and development initiatives.
Where are we going? What's our strategic focus?
The cornerstone of our strategic plan is creating Gold Standard 3.0 – a holistic standard that integrates Energy and Waste, Land Use & Forests, and Water to maximise the benefits of the respective scopes. With a single, streamlined certification process that reduces costs and complexity, Gold Standard 3.0 will assess the impact of project activities toward the post-2017 Sustainable Development Goals. By strengthening our core differentiator, we will support our partners in securing the highest value for Gold Standard credits, and we will promote this position with aggressive demand-building efforts.
Energy FAQs: Additionality
Does Gold Standard check the additionality of CDM registered projects?
Do I need to invite all the GS NGO Supporters to the Local Stakeholders Consultation (LSC)?
No, for the LSC only the International GS NGO Supporters (WWF, REEEP, SouthSouthNorth, Mercy corps, Helio International, Greenpeace, Care International) and those GS NGO Supporters located in the same host country as the project activity need to be invited. However, for the Stakeholders Feedback Round (SFR) all the GS NGO Supporters need to be invited to or informed of this event.
Can the LSC meeting be conducted after the project activity has started?
All projects undertaking a regular certification cycle shall conduct the LSC meeting before the start date of the project. The LSC report should be submitted within a month of the consultation. Projects that do not conduct the LSC meeting prior to the start date shall be considered as retroactive projects and will undergo a prefeasibility assessment.
Energy FAQs: Consultation Process: Stakeholder Feedback Round (SFR)
How is the Stakeholder Feedback Round under Gold Standard different from global stakeholder consultations under CDM?
The DOE makes the draft PDD public on the UNFCCC website during the start of validation for Global Stakeholder Consultation. During SFR the PDD, GS passport and LSC report are made publicly available for public comments for at least 60 days.
How should a retroactive project conduct a Stakeholder Feedback Round?
Retroactive projects are recommended to conduct a face-to-face meeting as a part of the Stakeholder Feedback Round. Also, they should use the outcomes of the PFA to plan the SFR accordingly. For more information please see section 2.10 in Version 2.2 of the Toolkit.
Energy FAQs: Crediting Period Renewal
When should a project apply for the renewal of the crediting period?
The project should submit a request for renewal prior to the end of the first crediting period. If the renewal request is submitted after the first crediting period has finished, there will be a 4-week crediting period renewal review. The second crediting period can start once this review has finished.
Is a DOE site visit mandatory for submitting a request for renewing the crediting period?
How is a PoA Design Consultation different from the stakeholder consultation conducted at the PoA/activity level?
The PoA Design Consultation is a mandatory step of stakeholder consultation that must take place in all PoAs. This consultation needs to be carried out in addition to a PoA/activity level consultation. The objective of this consultation is to collect feedback from relevant stakeholders on the overall design and expected impacts of the programme, in order to ensure it is in line with the national or regional sustainable development goals and priorities. This consultation can be conducted electronically.
Stakeholder consultation at a PoA/activity level involves a physical meeting with stakeholders including local people, communities impacted, local NGOs, government officials etc. This meeting should be complemented with other feedback gained via bilateral discussions, call for inputs via emails, letters of support, etc. The aim of this consultation process is to inform stakeholders in detail about the activities to be implemented within the programme and give them the opportunity to discuss the impact of the activities on them and on the environment. (Refer Annex F and Annex V).
Who is the target audience for PoA Design Consultation? P. ej. who should be invited for this consultation?
Host country DNA(s)
GS Secretariat
GS International and GS local NGO Supporters
Local NGOs 5) Research organizations Institutes
Agency(ies) which have the mandate to set the quality criteria for that technology in the host country
Implementing agencies/CME(s) of the earlier PoAs in the region/country
Technology suppliers
Renewable energy development agencies, etc.
Is the PoA Design Consultation also mandatory for GS CDM PoAs?
How long is a project cycle, and how often are outcomes audited?
A regular project term is either 10 years or 3x7 years using a flexible baseline approach after each 7 year period. For projects that are part of a programme of activities (PoA), the project term is up to 28 years. All outcomes, including sustainable development metrics, are audited and reported in a transparent public registry each year.
How do you know that the results or ‘water benefits’ are real, measurable and verifiable?
First, a baseline methodology estimates the state of water use in the absence of the project. Then a monitoring methodology calculates the actual water benefits directly resulting from the project, taking into account any water benefits from sources within the project boundary. By determining both the baseline and project scenario, water benefits are objectively verified in a transparent way. Due to the variety and complexity of project types and location, there is likely to be additional criteria that are not specified in the universal Water Benefit Standard.
Who audits the outcomes?
Pre-Feasibility Assessment (Gold Standard Foundation) After completing the project documentation, The Gold Standard conducts a desk review assesses whether the project is likely to comply with its requirements.
Initial Certification (Independent Auditor) An independent auditor determines whether the project adheres to the rules of the Standard and is thus eligible to be registered as a Gold Standard project.
Performance Certification (Independent Auditor) After each year of monitoring the registered project, the independent auditor verifies the outcomes. This reviews the water benefits that occurred over the previous year, and determine the number of WBCs to be issued.
How are sustainable development principles measured and managed?
Unlike many donor/ public funded efforts where sustainable development outcomes are often unclear or anecdotal, all projects under the Water Benefit Standard must first be evaluated for sustainable development outcomes and these must then be tracked and measured on an annual basis. Any negative impacts must be mitigated whilst all neutral and positive impacts are monitored for project duration. This process involves local stakeholder consultation and is reviewed externally, and all reports are transparent and publicly available online.
What are the metrics and limits when measuring water stress, habitat, hydrology and cumulative impacts within a project’s area of influence?
The availability of water differs greatly around the globe. Because water moves in a global cycle, Water Benefit Standard projects must not help somewhere and unwittingly taking water away from a beneficial use elsewhere. For this reason projects must quantify not only water use at the project site, but also the impacts of the proposed change on the entire river basin and any aquifer.
What is the link between project water volume affected and the number of Water Benefit Certificates for a project?
The number of Water Benefit Certificates issued depends on the scale of the project. For example, a cubic metre of water conserved in large-scale agriculture has a different WBC value to a cubic metre of clean drinking water delivered to a family. Due to the wide spread of volumes between very small and very large projects, the Standard applies a discount factor to project volumes that exceed certain thresholds in order to encourage economies of scale. The discount factors do not affect the cumulative water volumes supplied, purified or conserved up until the threshold, rather they only apply to additional volumes that exceed the thresholds.
How did you come up with calculations for the unit?
The basic unit that holds across all projects is set as 1 Water Benefit Certificate = 1 cubic metre of water supplied, purified or conserved. Due to the wide spread of volumes between very small and very large projects, the Water Benefit Standard applies a discount factors to project volumes that exceed certain thresholds in order to encourage economies of scale.
For volumes up to 40.000 m3 p. a. 1 m3 is worth 1 WBC
For additional volumes greater than 40.000 m3 but less than 1.300.000 m3 p. a. 10 m3 are worth 1 WBC
For additional volumes greater than 1.300.000 m3 p. a. 100 m3 are worth 1 WBC
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Water FAQs: The Market and Financing
With a results-based finance project that pays once outcomes are delivered, how do you get a project off the ground?
For Water Benefit Standard project developers, Water Benefit Certificate sales agreements with buyers can translate into credit enhancements or can be used as collateral for loans from local banks. This way, urgently needed upfront financing can be provided to projects to kick them off.
Can Water Benefit Certificates make a project financially autonomous?
Sí. Once Water Benefit Certificates are issued and sold, the annual revenue from the sale can be used to reinvest in the project activity to not only continue the activity, but to expand its impact in scope and scale. For example, a safe water programme in rural Uganda provides new clean water access points. Following a successful one-year pilot in 100 communities, the project developer will use the revenue generated from the sale of its Water Benefit Certificates to expand nationwide and beyond. This long-term self-financing capability is what gives the model its most powerful potential—providing an ever-expanding impact, year after year.
How can I be sure that Water Benefit Certificates aren’t providing a free subsidy where a project could get commercial financing instead?
Projects that issue Water Benefit Certificates via the Water Benefit Standard must demonstrate that they are beyond business as usual, meaning that they would not have been implemented without the Water Benefit Standard. The project developer proves this by conducting a Financial Needs Assessment (FNA) as part of the initial certification. The FNA can be completed in one of two ways:
Compliance with a postive list of preferred technologies, methods or geographical regions that permits the project to per se pass the FNA. Such projects must still disclose a financial forecast over the project period.
If a project does not comply with the positive list, a formal financial analysis must be conducted to demonstrate that the revenue from WBCs is required to make the project financially feasible.
Who is going to buy Water Benefit Certificates?
Corporates, governments and public institutions, NGOs and concerned citizens that want to make the greatest impact with every dollar they invest in water initiatives. Several corporate buyers have already committed to purchasing Water Benefit Certificates. Like these companies, corporate buyers will have an interest in good water stewardship as part of their corporate social responsibility programmes and/or to preserve the basins that support their supply chains.
How are Water Benefit Certificates priced?
By 2017, an anticipated 10-15 projects will have Water Benefit Certificates available for sale covering WASH, water-efficient agriculture, household and industrial wastewater treatment, irrigation techniques and more. The market ultimately determines the price for Water Benefit Certificates, but so far, WBCs have traded in the range of 7-10 US$ per Certificate.
Get Involved
You can make a direct impact in protecting our climate while helping the most vulnerable access critical services like energy, water and food.
Edited by Jos Delbeke, Director DG Environment, Climate Change and Energy for the European Commission, this is not just another publication on emissions trading. It is written by those who shouldered the EU ETS project itself. It should therefore give valuable insights in the why's, how's, trade-offs, and critical design choices of the EU ETS.
Subjects: Environmental Law Contents: Chapter 1: The EU ETS: the result of a decade of policy action on the economic dimension of EU environmental policy. Chapter 2: The international climate policy developments of the 1990s: UNFCCC, the Kyoto Protocol, the Marrakech Agreements and the EU's Kyoto ratification decision Chapter 3: Emissions trading: What is it? Design options and misconceptions Chapter 4: The EU ETS Directive 2003/87/EEC explained Chapter 5: The EU ETS Linking Directive explained Chapter 6: The economic efficiency benefits of the EU ETS Chapter 7: The NAP I experience Chapter 8: The key importance of the Registry Regulation and of solid monitoring and verification Chapter 9: The potential role of the EU ETS for the elaboration of the post-2012 international climate regime; Chapter 10: Conclusions Definitions and FAQ Annexes
Series: EU Energy Law
High Court of England and Wales Rules Emissions Allowances to be Treated as Property
Wednesday, February 15, 2012
Following a decision of the High Court of England and Wales in Armstrong DLW GmbH v Winnington Network Ltd [2012] EWHC 10 (Ch) the legal status of European Union Allowances (EUAs) traded under the EU Emissions Trading Scheme (EU ETS) . has now been clarified, with the Court holding that EUAs should be classed as intangible property under English law.
The Trading Scheme and Allowances
Under the EU ETS, all operators within the European Union that own an installation that emits a certain level of carbon dioxide, must participate in the EU ETS. Each participating operator is given an annual allocation of EUAs, credited into the company’s account. All operators must have enough EUAs to meet their compliance obligations, with each EUA representing the right to emit one metric tonne of carbon dioxide into the atmosphere. Operators are fined €100 for each tonne of carbon dioxide for which it has not surrendered an allowance.
Any surplus EUAs may be carried forward by the operator, retired by arrangement with the relevant national administration entity, or traded with other operators or registered EUA traders. EUAs are entirely electronic and, unlike shares for example, they are not evidenced by a title document. Each EUA has a unique identifier number and when it is bought and sold it is moved from one registry account to another registry account. The trading of EUAs may take place very quickly several times a day.
Armstrong DLW GmbH v Winnington Network Ltd
In Armstrong v Winnington . one of the matters considered by the Court was the legal status of EUAs. This needed to be determined as it affected the cause of action that was available to Armstrong following the theft of its EUAs.
Armstrong is an operator of two installations in Germany and held an EUA account with the German registry for each of the installations. Winnington, a trader of futures and spot trader EUAs and other commodities, had a registered EUA account in the United Kingdom. As a result of a fraudulent phishing e-mail received by Armstrong, Armstrong’s EUA account was hacked. Zen Holdings Limited, a company based in Dubai, contacted Winnington, offering them EUAs from Armstrong’s account. Winnington bought and immediately sold on the 21,000 EUAs that it bought from Zen, not knowing that the EUAs had been taken illegally from Armstrong’s account.
Armstrong argued, inter alia . that Winnington was holding the proceeds from the sale of the EUAs on trust for Armstrong and sought an order for payment of a sum equal to the value of the EUAs. Winnington denied the claim on the basis that it did not know how Armstrong lost the EUAs, making Winnington a bona fide purchaser for value without notice. The case raised several points of law, one being the status of an EUA in law.
Legal Status of EUAs
Both Armstrong and Winnington agreed that EUAs constitute property. However, what the parties disagreed on was their precise nature and characterisation as property. Winnington argued that EUAs are not a type of property that could be protected by a relevant cause of action and, in particular, a common law proprietary claim would not be applicable to EUAs.
After considering the nature of property that can be recognised under English law, the Court had to consider whether EUAs could be properly considered to be “property”. The Court referred to a threefold test identified by Morritt LJ in Re Celtic Extraction (which considered the legal nature of waste management licences):
First, there must be a statutory framework conferring an entitlement on the holder of the property in question to an exemption from a fine.
Second, the property in question must be transferable under a statutory framework.
Third, the property in question must have value.
In applying this test, it was held that an EUA could be classed as intangible property at common law. The statutory framework governing EUAs—Directive 2003/87/EC which established the EU ETS—confers an entitlement on the holder of the EUA to exemption from a fine. Second, the exemption is transferable, pursuant to the statutory framework. Third, the EUA is an exemption that has value, as it can be used to avoid paying a fine and there is an active market for the trading of EUAs.
The Court held that for the purpose of this analysis, it was unnecessary to consider whether the EUA was a chose in action or another form of “other intangible property”. Having ascertained the legal status of EUAs, the Court went on to consider the remaining legal issues that arose from the case and concluded that Armstrong was entitled to a money judgment, on the basis that EUAs were a type of property that could be the subject of a proprietary restitutionary claim. It is not yet known whether Winnington will appeal the decision.
Future Trading of EUAs
The legal status of EUAs is a question that has arisen frequently since the start of the EU ETS, particularly in relation to the issue of stolen EUAs. In January 2011, the spot trading of EUAs was suspended temporarily following the theft of carbon credits from various national registries by computer hackers accessing accounts and transferring EUAs. The law governing the consequences of holding stolen EUAs, even those acquired in good faith, differs between each EU Member State as each State is responsible for setting out the status of stolen EUAs in accordance with domestic legislation. Such clarification has to confirm whether or not the stolen EUAs could be recovered by the original owners.
It is hoped that the introduction of a single registry for EUAs in 2017 will eliminate the discrepancies that exist currently between EU Member States concerning the status of EUAs. The centralised security measures will mean that EUAs will no longer be as susceptible to thefts as they have been in the past, with hackers no longer being able to target registers in those Member States that have weaker security settings. Certain interested parties are even lobbying for the introduction of the single registry of EUAs before 2017, however, there is little to suggest that such a register will be in place any sooner than planned.
© 2017 McDermott Will & Emery
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Inicio & raquo; Emissions Trading » The 3 Big Changes of Phase 3
The 3 Big Changes of Phase 3
The Market Squeeze – tighter cap, lower free allocation, new entrants, backloading, limited offsets, speculation and volatility
1. Free allocations are massively reduced. the cap is lower and its reach extended
0% free allocations to power companies (a few Eastern and Southern European countries can give 70% free allocations in 2017 decreasing to 0% in 2020)
Remaining sectors 80% free allocations in 2017 linearly decreasing to 30% in 2020 – sectors subject to carbon leakage still receive 100% (a new carbon leakage sector list is being prepared and will apply from 2017)
Average Phase 3 cap is 11% lower than Phase 2 at 1.85bn tonnes emitted p. a.
The cap is now centrally set and will decline by at least 1.74% a year, so that emissions in 2020 will be at least 21% below their level in 2005
The scheme will include production of all metals (including aluminium). Para algunos sectores, incluirá la emisión de otros gases de efecto invernadero además del dióxido de carbono. Position of aviation still uncertain but could add extra demand.
What does this mean?
Companies are much more likely to have exposed positions — many that were once long will be short, especially in the later years, and acting early upon receiving the annual allocation will be key.
Acting early doesn’t have to mean paying early. Working with us you can devise a balanced strategy that incorporates forward, swap and spot trading opportunities, ensuring you are hedged without paying for allowances until you actually need them for compliance.
Give us a call or send us an email for some more ideas.
2. Limitations in the use of CERs/ERUs for ETS compliance
Import limits are reduced from an average of 13.4% across ETS countries in Phase 2 to less than 6% over Phases 2 and 3 combined – see here for further details
Offsets cannot be used directly as compliance units but must be exchanged centrally for EUAs
Credits generated from eligible project types during Phase 2 can only be used for compliance until 31 March 2017
Credits only eligible from projects registered before 31 December 2012 unless from LDCs
HFC-23, N2O and Large-Hydro (>20MW) credits are no longer eligible
What does this mean?
Low prices of international credits and widening spreads with EUAs. This presents highly profitable opportunities for companies yet to use their full entitlement. Tighter eligibility requirements and restrictions on use means buying from a trusted supplier that knows the market is crucial.
We have one of the largest portfolios of international credits in the market and can give you unique and direct access. Get in touch to request an analysis of the market fundamentals of international credits. We will also walk you through how the new exchange process works and can discuss entitlement rules with you on a country-by-country basis. Please see Making The Most of Your Entitlement for further details.
3. Backloading – significant auction reductions began mid-March
The European Commission’s short-term measure to address market oversupply will see EUAs temporarily withheld from government auctions. 400 million in 2017, 300 million in 2017 and 200 million in 2017
They are set to be re-injected into the market at the end of Phase 3: 300million in 2019 and 600 million in 2020
What does this mean?
Increased price and volatility is expected — hedging becomes more valuable. The March 2017 analyst consensus forecast from Reuters saw prices at €6.95 in Q2 2017 and €7.55 for H2, averaging €10 by 2017.
We can supply you with an analysis of the auction calendar against projected aggregated demand and keep you up-to-date with auction results and the sentiment polls… or we can just give you our view in layman’s terms.
What Next?
The Stability Reserve
The European Commission has proposed a market stability reserve for Phase 4 that will withdraw allowances from the market in times of oversupply and store them in a reserve, which would be emptied in times of a tight market balance. Recent discussions regarding structural reform have suggested delaying some of the 2020 re-injection of backloaded EUAs and spreading it over 2021 and 2022, when the stability mechanism will be operational. This would support higher market prices as Phase 3 draws to a close. This may seem a long way off but since EUAs are bankable the market will react to developments concerning these proposals today.
Other Relevant Regulations
Unlimited banking of EUAs is maintained
Borrowing of EUAs within the period is maintained
Single EU Registry platform to support robustness of system
Harmonized rules for monitoring and verifying emissions
At Camco Clean Energy, We’d love to hear from you.
Contact us for more information about the Phase 3 changes
Airline emissions show slight uptick, however, according to fresh data
As part of the EU Emissions Trading System (EU ETS), it is estimated that emissions of greenhouse gases from more than 11,000 power plants and manufacturing installations in 2017 were 4.5 percent lower year on year.
The latest results, released in the union registry, cover all participating installations across the member states of the European Union, as well as Iceland, Norway and Liechtenstein. Together, these countries form the European Economic Area. The results showed a very high level of compliance with the EU ETS rules across the board.
Airlines showed an increase in verified carbon emissions from their activities between airports located in the EEA. In 2017 this amounted to 54.9 million tons of CO 2 . an increase of 2.8 percent compared with 53.4 million tons in 2017.
According to the emissions directive, between 2017 and 2017, all commercial and noncommercial aircraft operators with a significant amount of emissions are responsible for their emissions from flights within the European Economic Area.
The EU ETS works on a “cap and trade” principle, which sets a limit on the amount of greenhouse gases that can be released into the atmosphere.
Companies can purchase emission “allowances” by trading with others.
It is mandatory that companies emitting carbon dioxide, nitrous oxide and Perfluorocarbons be subject to the conditions of the EU ETS.
The EU’s plan is to continue to lower the cap in order to ensure the reduction of the emissions level.
If companies fail to surrender enough allowances that cover their amount of emissions, heavy fines are imposed on those that allow their carbon footprint to creep over the limit.
También pueden comprar cantidades limitadas de créditos internacionales de proyectos de ahorro de emisiones en todo el mundo. This can act as a conduit to be a major driver of investment in clean technologies.
International credits that were changed into allowances totalled €388.44 million (around 10.6 billion Kč) last year.
This figure included €195.91 million in Certified Emission Reductions (CERs) and €192.53 million in Emission Reduction Units (ERUs).
Both the CERs and the ERUs that were exchanged took place within a select number of countries. Almost 77 percent of the CERs originated in China, and nearly 77 percent of ERUs came from projects in the Ukraine.
India, Brazil, Uzbekistan and Chile, as well as the traditionally strong European economies of Germany and France, were also beneficiaries of both credits categories.
The EU ETS was initially launched in 2005 and is now in its third phase, which is to run between 2017 and 2020.
Six years ago, there was a major shakeup of the “cap and trade” system that left the EU ETS in a very different shape compared with the first two phases.
Today, a single EU-wide cap on emissions applies in place of the previous system of member state national caps.
The third phase has incorporated an auctioning system, rather than free allocation for allocating allowances. The aim is that the share of auctioned allowance rise progressively each year.
In what was a far-reaching move, 300 million allowances are to be set aside in the New Entrants Reserve to fund innovative renewable energy technologies, alongside carbon capture and storage through the new entrants system.
“The development of greenhouse gas emissions depends on a number of factors,” said Ben Butters, the Eurochambres director of EU affairs. “First, it is a consequence of the stagnating industrial output of the EU, mainly caused by the low level of economic growth.”
“Second, European industries constantly improve their efficiency in order to stay competitive on the global level. Finally, the relatively mild winter in 2017 might have also played a significant role.”
He added that a result of “the slow level of growth, the demand for allowances is likely to remain relatively low in the mid-term. However, the establishment of the Market Stability Reserve, as proposed by the commission, will mitigate supply - and demand-based pricing, and it will no longer be accurate to speak of a real carbon market.”
“The carbon price will stabilize at a level that is much higher than it is today. From our perspective, it is very important that the higher revenues from the ETS be fully reinvested to the benefit of businesses.”
“For example, through funds for the development of low-carbon technologies, rather than being used for filling the budget holes of member states.”
He says the EU ETS system has been successful in emission cuts, proving it can be achieved cost effectively, and the declining cap has guaranteed that targeted emission rates can be achieved.
An objective of a 40 percent reduction in greenhouse gas levels below the levels of 1990 by the year 2030 has been set out in the 2030 framework for climate and energy policy.
The cap will need to be lowered 2.2 percent per year from 2021, the commission says, rather than the current annual target of 1.74 percent.
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Emissions Trading Schemein Taiwan and International Linkage
EU-Taiwan Climate Change Forum
Dr. Hui-Chen Chien
Department of Air Quality Protection and Noise Control
Environmental Protection Administration
13 October 2010
1. Existing and Emerging ETS Worldwide
2. Legal Foundation in Taiwan
3. Taiwan’s Emissions Trading Scheme
4. International Linkage
5. Concluding Remarks
Outline
Our GHG Reduction Goal
GHG reduction goal in Taiwan – Return to 2005 level in 2020, it means 45% BAU decreasing percentage in 2020.
This BAU reduction percentage is far more than those comparative countries as Taiwan (Koreadeclines 30% GHG emission of BAU. Singapore declines 16% GHG emission of BAU); and IPCC suggested developing countries shall set a goal as decreasing 15-30% GHG emission of BAU in 2020.
Low Growth Scenario
High Growth Scenario
Medium Growth Scenario
BAU reduction contribution compared to 2020
Sorts of Contribution
Sorts of Contribution
Sorts of Contribution
(1) Nation Reduction (including yearly 2% energy density decline)
Note: GHG emissions are mainly combusted fuel CO2 in Taiwan (90%), Other Non-CO2 emissions declined in recent year.
Establishing a Legal Foundation for GHG Reduction in Taiwan
In order to achieve the target, “Green Policies” will be the important legal foundation for“Energy Saving and Carbon Reduction”.
Energy Management ActandRenewable Energy Development Act have already been passed in the Legislative Yuan in 2009.
The above-mentioned bills are complementary to Greenhouse Gas Reduction Bill andEnergy Tax Bill, waiting to be reviewed and promoted the Legislative Yuan and Executive Yuan.
Taiwan Emissions Trading Scheme (ETS)
The design of the Taiwan ETS is according to the spirit of low-cost and cost effectivenessin the GHG Reduction Bill, currently being reviewed by the Legislative Yuan. Taiwan ETS is a market-based approach used to reduce the emissions by providing economic incentives. The scheme also works to develop industries capacity-building.
The design of the Taiwan ETS not only follows the international MRV requirements, but UNFCCC/CDM mechanism as well, using similar standards for verifying project-based reduction.
Current Participants of the Taiwan ETS
Under the Environmental Impact Assessment (EIA)Act, facilities thatarerequired to offset their emissions will be the potential participantsof the Taiwan ETS. Other facilities are not included in the scheme, but voluntary buyers are welcomed.
EIA commitment: Companies have committed to offset the increased emissions by purchasing carbon credits.
Voluntary buyers(e. g. Carbon Disclosure andCarbon Neutral): In order to strengthen international competitiveness, companies in Taiwan are participating the Carbon Disclosure Project and considering making their company carbon neutral to promote green business image.
Recent Progress
Since the GHG Reduction Bill is still being reviewed by the Legislative Yuan, the following guiding principles were set using Executive Regulations:
6 November 2009: “EPA Operational Principles for GHG Verification Bodies” - establish third-party verification system
10 September 2010:“EPA Management Principles for GHG Emissions Inventory and Registration”– establish MRV system
Emissioncreditsmanagementandtradingsystem: under development
Pilot Emissions Trading Plans
Emissions trading platform consist of “registry”, “trading”, and “clearing” systems
Trading platform is an electronic database that provides credits registration and transfer by participants, and linkage to national registry
Trading account functions managed by the trading system.
Emission Credits Management System
Reduction Credit Source and Application
Domestic Reduction Project
Early Action / Offset
Central GHG Registry
Preliminary ETS Scheme Design
ETS Sector coverage
Other policy instruments
International Offsets 35-50%
Carbon Price Signal
Domestic Trading Platform
Implications of Taiwan Entities for Getting CERs
To assist emitters to use available resources in the most cost-effective manner to meet their responsibility under our government’s voluntary GHG reduction program, or provide credits to new emission sources for meeting their reduction commitment from the environmental impact assessment.
For those emission sources implementing domestic reduction and offset as a priority but would still need to meet their voluntary reduction responsibility through foreign carbon offset projects, the government would assist them acquire offset credits from the CDM in order to gain international credibility, while assuring the effectiveness of their foreign investment.
International Offset Credits Acquisition
Set up foreign entity and Annex-I account
Annex I country issues LoA
Entity participates in CDM projects in non-Annex I countries
Transfer CERs to foreign account
CERs from primary, secondary markets
CERs cancellation for domestic offset (EIA, cap)
Indirect Transfer to Taiwan
Issue domestic credits
International Linkage
Advantages of International Linkage
Reduce the aggregate cost of the linked systems’ collective emissions target
By broadening markets for allowances and credits, linking increases liquidity and improves the functioning of those markets
High cost of reduction in Taiwan is one of the reasons to explore the possibilities of international linkage.
Linkage with International Carbon Market
Establishing a domestic ETS linking with Kyoto mechanisms has become the main measure for countries to reduce CO2 emission.
Taiwan is actively seeking an opportunity to participate in international carbon markets and build bilateral or multilateral corporations with developed countries and countries in Asia-Pacific region.
Taiwan ETS would inevitably linked with the international carbon markets
p. ej. EU Linking Directive
p. ej. EU ETS, Norway,
p. ej. CDM, international offsets
Meet EU Emissions Trading System requirements
To comply with the European Union Emissions Trading System (EU ETS), your installation must legally hand over (surrender) enough allowances to cover your emissions from the previous year. Allowances are issued every February for the following year.
The deadline for surrendering allowances is 30 April every year. Failure to comply is met with financial penalties - €100 for every tonne of CO2 for which you fail to surrender allowances - plus you have to make up for the shortfall the following year.
Greenhouse gas permits
A greenhouse gas permit gives you licence to operate an installation that emits CO2. When you apply for a permit, you must also submit a plan for monitoring and reporting emissions. This will require approval from the Northern Ireland Environment Agency (NIEA).
Operational changes
If the operation of your installation changes, you will need to contact your regulator to see if alterations need to be made to your permit or monitoring plan. Any changes to the way you monitor your emissions, even replacement of a meter, may affect your monitoring plan so you should notify your regulator.
If operations at your installation cease or the emissions drop below threshold levels, you should contact your regulator to see if your EU ETS obligations are affected. A partial or temporary closure will not usually affect your annual allowance allocations, but you should check with your regulator before these closures take place. You should notify your regulator if the temporary closure will extend beyond 50 days.
If your installation closes permanently, allowances for the subsequent year will be withheld. You should apply to your regulator to hand over your permit and provide verified reports up to the date of closure.
Monitoring, reporting and verification
Regulators are responsible for overseeing the monitoring, reporting and verification of emissions from installations. Find forms and guidance on monitoring and reporting CO2 emissions at the NIEA website .
You must have all annual reports and monitoring verified by an independent and accredited verifier. Verifiers are private companies, accredited by the UK Accreditation Service, who will charge a fee to check for:
inconsistencies in monitoring
omisiones
misrepresentations
errores
The verifier will also confirm your annual emissions figure and produce a verification opinion statement that will be sent to your regulator. To enable the surrender of an appropriate number of allowances, it is essential you have a verified emissions figure in the registry by 1 April each year. Although you can surrender allowances without a verified report, you take the risk that following later verification there is a shortfall and the €100 per tonne of CO2 penalty is enforced.
Eurocontrol - Driving excellence in ATM performance
EUROCONTROL puts its environmental expertise at the service of its Member States, the European Union, the International Civil Aviation Organisation (ICAO) and the wider aviation community to help measure, monitor and mitigate the impact aviation is having on the environment.
Thanks to the expertise of our staff, the quality and volume of our environment-related aviation data, plus our development of a set of impact assessment models, EUROCONTROL is in a unique position to support its stakeholders in meeting our industry’s environmental challenges.
As you will see on these pages, our expertise covers many aspects, including the provision of specific services to stakeholders via our impact assessment and emissions trading portals.
You will also find valuable resources dealing with collaborating to solve environmental issues at airports; gearing up your organisation to tackle the impact that a changing climate could have on our industry; and, of course, building up your capacity to handle environmental issues through our dedicated training course.
We contribute to improving aviation’s sustainability through these activities:
Adapting aviation to a changing climate
Collaborative Environmental Management (CEM)
Esquema de comercio de derechos de emisión de la UE (EU ETS)
Environmental aspects of Airport and Air Traffic Operations
Modelling tools to measure the environmental impacts of aviation
Research (SESAR)
Formación
Últimas noticias
CAP – Collaborative Advanced Planning – received the IHS Jane’s ATC Award in the Environment.
29 January 2017
European Commission Transport Commissioner Violeta Bulc.
08 October 2017
04 September 2017
Severe weather and natural hazards disrupt air traffic.
Everyday environmental impacts, in general noise and.
Publications
This supplement of the Network Operations HANDBOOK covers.
Our ETS Support Facility for Aircraft Operators helps.
Servicios
Enlaces útiles
Related links
© 2017, EUROCONTROL – European Organisation for the Safety of Air Navigation
Sandbag’s new report reveals the European cement sector is reaping huge financial benefits from climate laws, adding to company profits and encouraging the import of emissions from other countries.
Perverse incentives in the design of the EU’s ‘flagship’ climate change policy, the Emissions Trading Scheme (ETS), have increased cement sector emissions by more than 15 million tons of CO2: if the cement sector had been outside the ETS, its emissions would be lower. While the surplus in emissions allowances that have accrued to most industrial sectors are now declining, in the cement sector the surpluses continue to grow.
Five “Carbon Fat Cat Companies” from the cement sector have collectively received nearly €1 billion worth of spare EU allowances (EUAs) for free between 2008 -2017.As the number of free allowances available to all industry is fixed, over-allocation to cement companies is reducing the volume that can be allocated to other sectors that may need more protection.
These facts highlight the urgent need to reform the rules governing the ETS in the ongoing reform of the Directive.
Free allocation of ETS allowances exists to protect against potential ‘carbon leakage’. However, the rules are creating perverse effects. The ETS from 2008-2017 has inflated cement sector emissions through the import of emissions from other countries.
Under the current rules producers lose 50% of their free carbon allocation if they produce less than 50% of their historic activity levels. In the case of the cement sector these perverse incentives are linked to the production of clinker – an intermediary material of the cement-making process with a very high carbon intensity. Yearly production levels of clinker can affect the number of allowances an installation receives for free.
Sandbag shows through data-driven analysis that this has created perverse incentives for installations to over-produce in order to avoid losing millions of euros worth of allowances. This creates three undesirable outcomes:
The lowest efficiency producers are maintaining output higher than they otherwise would in order to receive free allowances. This in turn reduces the running time of higher efficiency producers, increasing overall CO2 emissions. In 2017 low-efficiency kilns continued to produce 20 million tons of clinker, despite nearly 50 million tons of unused capacity existing among high-efficiency kilns. Cement manufacturers seem to be spreading production across as many installations as possible to gain maximum free allocation for each one of them, with the result that emissions increase.
In some major producing countries cement is being made with increasing proportion of clinker, which increases emissions. In spite of the average clinker-to-cement ratio in Europe being 74%, during the existence of the ETS this number rose to 75% in Italy, and 80% in Spain.
Surplus allocation subsidizes clinker production to such a degree that between 2005 and 2017 Europe has turned from an importer to an exporter of clinker. Rather than causing emissions to leak and industry to move abroad the opposite has occurred –emissions have increased at home. In 2012, the first year affected by these perverse incentives, European clinker exports stood at 6.4 million tons, nearly 4 times the level from 2011 – and a further increase to 7.8 million tons was recorded in 2017.
Relative to its emissions, the burgeoning surplus of allowances for cement now dwarfs the steel sector’s, the previous largest holder, as of 2017. This over-allocation is not only increasing the EU ETS windfall for the cement sector, but is also fostering complacency about decarbonization.
From 2008 to 2017, the cement sector received enough surplus allowances to cover 2.2 years of additional emissions without buying a single allowance.
Even though the 3rd phase of the EU ETS introduced measures to rein in over-allocation, the cement sector’s surplus will, continue to rise to 2020 when it will be equivalent in volume to 2.5 years’ of full emissions (assuming activity stays at 2017 levels).
This expanding surplus is fed by allowances the sector receives as protection against carbon leakage.
Sandbag finds no evidence that the ETS has directly contributed to decarbonization in the cement sector.
The use of cleaner fuels, like biomass, has increased. But we show this is mainly due to national policies and the uptake of this remains very low in many countries.
Sandbag makes proposals to urgently change the allocation rules, eliminate perverse incentives and avoid over-allocation. This means closing the loophole which allows installations to keep 100% of free allocation even if their production dropped by 49%.It also means changing the carbon leakage rules to from the current all-or-nothing system, to avoid disproportionate carbon leakage protection.
How can we cut cement sector emissions? :First, ensure a higher carbon price. This helps not only quick wins, but encourages long-term investment, and makes many of the other recommendation suggested here cheaper. Further recommendations are detailed in the report, and include more funding to finance deep-decarbonization options like Carbon Capture and Storage through the Innovation Fund and other EU-level support channels, as well as recycling ETS auction revenues at the level of Member States.
Alex Luta, Campaigner & Policy Analyst at Sandbag, commented . “The EU ETS, far from decarbonizing the cement sector, is actually leading to higher emissions. Substantial changes are urgently needed. The best thing to do would be to have more ambitious climate targets and a higher carbon price. Policymakers should eliminate perverse incentives rewarding over-production with free allocation. Cement must no longer more allowances than it needs relative to other sectors; instead, it should receive substantial support for the development of deep-decarbonization technologies.”
EU Emissions Trading System (ETS)
To help manage the reductions agreed in the Kyoto Protocol . the EU established a market for large industrial facilities to trade the right to emit CO 2 . called the EU Emissions Trading System (ETS). The total number of allowances being allocated is being gradually reduced.
The first period ran from January 2005 to the end of 2008
The second will expire at the end of 2012
Each CO 2 emitter included in the ETS is given some allowances free each year by their national government. One allowance equals one tonne of CO 2 . They can also buy more if they need them or, if they are under their allowance, sell ones they do not need themselves.
The large-scale industrial players in the ETS include:
From 2017, emission allowances traded on the ETS will be cut each year to reduce them to 21 per cent below the 2005 level in 2020. The allowances will also begin to be auctioned off rather than given away, while new sectors and gases other than CO 2 will be included in the ETS.
For sectors not covered by the ETS, such as waste, EU member states have agreed to binding national emissions targets. These national targets will cut the EU’s overall greenhouse gas emissions from non-ETS sectors by 10 per cent by 2020 compared with 2005 levels.
A country's non-ETS target reflects its wealth. The requirements range from a reduction of 20 per cent for the richest, such as Luxembourg or Ireland, to a limit of an increase of no more than a 20 per cent increase in the poorest, Bulgaria.
EU and Australia set to accelerate emissions trading links
Last updated on 16/07/2017, 2:11 pm
Climate Commissioner Connie Hedegaard says discussions will be sped up after Kevin Rudd announces end of unpopular carbon tax
Climate Commissioner Connie Hedegaard has led efforts to integrate the EU and Australia trading schemes (Pic: connect. euranet)
Plans to link the Australian and EU emission trading schemes are likely to be brought forward after Kevin Rudd signalled Australia’s carbon tax would be phased out in 2017.
The Prime Minister indicated the tax would be replaced with an emissions trading scheme on 1 July 2017, the day after the tax officially ends.
In a tweet EU Climate Commissioner Connie Hedegaard today promised that talks aimed at linking Europe’s scheme with Australia’s were likely to be accelerated.
“Great to see @KRuddMP strongly committed to emissions trading – now being advanced to 2017 – speeding up #ETS linking discussions #Australia ”, she said.
EU officials in Brussels could not confirm any more details, saying it was “work in progress”.
Both parties originally announced they were working together on a common ETS last August.
“A full two-way link between the two cap and trade systems will start no later than 1 July 2018,” the joint statement read .
“Under this arrangement businesses will be able to use carbon units from the Australian emissions trading scheme or the EU Emissions Trading System (EU ETS) for compliance under either system.”
The announcement included plans for an ‘interim’ link from 1 July 2017 enabling Australian businesses to use EU allowances to help meet liabilities under the Australian emissions trading scheme.
The fixed-price carbon tax provide an unpopular measure in Australia, and local observers believe that with elections looming Rudd felt he had no choice but to scrap it.
The government says it means an average family will be AUS$380 better off as a result.
“If Rudd makes the switch to an ETS the top priority of his term, legislative changes could occur relatively quickly despite the tight time frame, although this is contingent on the next election date which has yet to be set”, said Cecile Langevin, Senior Analyst at Thomson Reuters Point Carbon.
The EU ETS is the cornerstone of the region’s climate policies, but has struggled with an oversupply of credits and sluggish demand since the 2008 global financial crisis.
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The European Union Emissions Trading System (EU ETS)
The EU ETS was established in 2003 by a Directive of the European Parliament and the European Council, and came into operation in 2005. It is the cornerstone of EU policy towards combatting climate change by reducing GHG emissions cost-effectively. It is the first multinational cap-and-trade system at the level of installations and covers 45% of GHG emissions of the EU. It covers 31 countries which, in total, account for 20% of global gross domestic product (GDP) (EDF et al. 2017).
The main objective of the EU ETS is to help EU Member States meet their commitments under the Kyoto Protocol to limit or reduce GHG emissions in a cost-effective way. The system does this by capping the overall level of emissions across EU Member States and permitting the trade of emissions allowances. Each allowance gives the emitter the right to emit 1 tonne of CO 2 or an equivalent amount of any other GHGs. The ETS, in contrast to traditional ‘command and control’ regulation, allows the market to identify the most cost-effective emission reductions.
European Parliament; European Commission (EC); European Council; EU Member State governments;
EC Climate Change Committee
The market-based mechanism of the EU ETS means that there is a relatively small amount of upfront public investment needed, compared to command and control mechanisms. Only a small amount of public spending, mainly borne by Member State governments, was needed to set up an emissions registry and allocate allowances.
In 2008, the EU set targets towards a low-carbon development economy. These so-called “20-20-20” targets are:
Reducing GHG emissions by at least 20% below 1990 levels by 2020.
20% of energy consumption from renewable energy sources.
20% reduction in primary energy use through energy efficiency.
The EU has also set post-2020 climate policy goals. In 2017, Member States agreed to a framework for EU climate and energy policies. This proposal suggests three key targets:
GHG reduction of at least 40% by 2030 compared to 1990 levels.
27% share of renewable energy for the EU by 2030.
Improving energy efficiency by 27-30% by 2030.
The EU ETS was established with the primary objective of reducing GHG emissions in order to achieve the EU-wide climate policy targets. It was the world’s first - and largest - cap and trade ETS to be set up that targets emissions reduction at the installation level. In establishing the EU ETS, the EU demonstrated a unified commitment towards combatting climate change, and took a leading role in salvaging the Kyoto Protocol.
Setting the cap to achieve a significant GHG emissions reductions impact: The EU target of a 20% reduction in GHG emissions by 2020 compared to 1990 levels requires efforts across all sectors. With this in mind, in 2008 the EU decided to extend the EU ETS from 2017 to cover more sectors and gases and set a centralised emissions cap at the EU level. The cap requires a reduction of 21% below 2005 by sectors covered within the EU ETS, and declines by 1.74% annually up to 2020.
Distribution of allowances:
Free allocation of emissions allowances (grandfathering): Allocation of allowances is done either via grandfathering or auctioning. During phases 1 and 2 (2005-2012) of the EU ETS, the majority of allowances were allocated free of charge and allocations were decentralised. Each Member State prepared and published a National Allocation Plan (NAP) for its installations, which was submitted to the EC for adjustment and approval.
Auctioning of allowances and centralised allocation: In phase 1, 5% of total emissions allowances were authorised to be auctioned and in phase 2 this increased to 10%. Approximately 50% of total allowances will be auctioned from 2017, and this percentage will rise over phase 3 (EC, 2017). Member States are now required to prepare an allocation plan called National Implementation Measures (NIMs) and retain the responsibility for data collection and final allocation, although a Member States’ discretion over allocation is drastically reduced compared to phases 1 and 2. Auctioning of allowances from phase 3 onwards is governed by the Auctioning Regulation which specifies how auctioning should operate to ensure a transparent, harmonised and non-discrimina tory process (EC, 2017).
Union registry set up: following the 2009 revision of the EU ETS Directive, EU ETS operations were centralised in the Union Registry, operated by the EC. The registry is linked to the Kyoto National Registry and covers all 31 EU ETS countries (replacing national registries). The Registry records all NIMs, allowance transactions, annual verified emissions from installations and annual reconciliations of allowances with verified emissions.
Monitoring, Reporting and Verification (MRV) framework established: each installation or aircraft op erator is required to prepare and submit a monitoring plan in accordance with two Commission Regu lations, the Monitoring and Reporting Regulation (MRR) and the Accreditation and Verification Reg ulation (AVR). In order to encourage a cost-effective and harmonised approach towards the MRV of emissions by Member States, the EC has published templates and guidance documents for monitoring plans, Annual Emission Reports (AERs), verification reports and improvement reports.
Provisions put in place to allow participants to comply with their emissions obligations: since 2008, participants of the EU ETS can ‘bank’ allowances if they have a surplus at the end of the current trading period. These allowances then count towards the participants’ emissions obligation in the next trading period. Borrowing allowances is also possible, but only within the same trading period.
Flexibility mechanisms introduced to manage market volatility (back-loading and the Market Stability Reserve (MSR): to overcome the problem of a surplus of allowances, and hence a depressed carbon price, the EC has postponed the auctioning of some allowances (back-loaded). 900 million allowances due to be auctioned in 2017-2017 have been delayed until 2019-2020. The total volume of allowanc es is unchanged. This allows for persistent supply and demand imbalances to be structurally corrected. The creation of the MSR has been agreed and is now awaiting formal approval by the European Council.
A small team of experts from the EC, led by Jos Delbeke, Director General at the EC Directorate-Gener al for Climate Action, were responsible for establishing and operating the EU ETS, together with the EU national governments that manage domestic ETS-related affairs. The team at the EC was very effective in implementing the EU ETS.
Impact of activities:
Significant GHG emissions reductions: According to the EU Environmental Agency, CO 2 e emissions declined by approximately 19% between 2005 and 2017, a trend that is close to what is necessary to achieve the 21% emissions reduction target by 2020 (EDF, 2017). There are several reasons why emis sions have been reduced in the EU (lower economic growth due to the global financial crisis starting around 2007-08, lower population growth, and other low carbon development programmes), but the EU ETS is deemed to have played an important part.
A carbon price embedded in companies’ decision-making processes: The EU ETS has raised awareness in companies whereby the decision makers have become more informed about climate change issues. A carbon price means that there is now a cost to emitting GHGs that influences a company’s bottom line and its decision-making process.
Cost-effective GHG emission abatement: research carried out by CDC Climate Research (2017) points at how the EU carbon price has been useful in promoting cost-effective emission abatements. The price of carbon has led to a reduction of 1,048 million tCO 2 - e between 2008 and 2012 through the use of carbon credits from the CDM and JI mechanisms. These lower carbon credits prices have enabled installations to reduce their costs of compliance with emissions targets. Cost savings by com panies across the EU are estimated to be between EUR 4 and EUR 20 billion over the period 2008-12.
Investment stimulated low carbon technologies in the energy efficiency (EE) and renewable energy (RE) sectors: if prices of allowances are high enough, the market-driven nature of the EU ETS will trigger an increase in investments in energy efficiency measures, thus reducing energy costs and the financial risks associated with increasing energy prices. The EU ETS has supported EE and RE programs by providing financial incentives for developing innovative RE technology and carbon capture and storage projects through the NER300 fund. The revenues generated from the EU ETS also provide Member States with finances that can be used for low carbon and RE programs.
Why is it good practice:
In establishing the EU ETS, the EC has shown strong political commitment and ownership towards achieving the EU’s climate policy goals. There is a team of highly skilled and dedicated experts that has played a critical role in advocating the system and passing the EU ETS Directive.
The EU ETS has put a cap and market price on carbon, demonstrating that it is possible to trade in GHG emissions and, in doing so, reduce emissions at the installation level in a cost-effective way. Each company faces the same carbon price, therefore they are incentivised to cut GHG emissions through implementing the least costly options in order to maintain competitiveness.
The EU ETS aims to achieve significant GHG emissions reductions by targeting key emission sources at the installation level. Emissions of GHGs from installations participating in the EU ETS are estimated to have decreased by at least 3% in 2017 (EC, 2017).
Capping emissions provided certainty about the future level of GHG emissions (from installations responsible for around 50% of EU emissions). This predictability helps to stimulate private investment in low carbon technologies.
The EC achieved buy-in from stakeholders across a diverse range of EU Member States. A compro mised proposal - including the grandfathering of allowances and giving the Member States autonomy over allocation - were effective methods of convincing stakeholders to back the scheme.
A comprehensive MRV framework was established ensuring harmonised monitoring and reporting of emissions among all Member States.
The scheme has set long-term emissions targets, yet retained flexibility for stakeholders to revise these targets to improve the efficacy of the system. This has contributed significantly to the longevity of the scheme.
Strong political commitment and leadership: to establish the first multinational emissions trading sys tem involving a diverse range of Member States with varying economic, social and political character istics required strong leadership at the level of the EC. During the process of establishing the EU ETS, major political issues were largely avoided and the discussions were kept mainly on a technical level.
Embeddedness in European legislation and regulation: The EU ETS is now fully integrated into the EU legislative system with clear ownership from the EC to ensure sustainability and permanence of the scheme over time.
Certainty and predictability for stakeholders: a cap gives certainty to stakeholders about the level of emissions in the EU. This means that investment in low carbon technology can be made without con cerns about policy changes, stimulating the scaling up of private sector financing flows into the sector.
Trustworthy and audited GHG data at firm level: a robust MRV framework has been established at the installation (only > 20MW units) level. The carbon price sets a cost of emissions for companies, incen tivising them to ensure GHG data is accurate and robust.
Widespread stakeholder acceptance of the EU ETS: The EC achieved this by using compromises such as the allocation of free allowances in the first phase of the scheme and giving the autonomy to Member States to distribute these allowances as they deemed appropriate.
Challenging to set up the necessary institutional structure to support the EU ETS in such a short time period.
National registries responsible for ensuring the accurate accounting of allowances were established at the Member State level. Experts were hired with the necessary skills to conduct MRV tasks such as calculating emissions, and carrying out monitoring and reporting to the EC. Trading desks were set up at banks and other institutional capacity was developed that is necessary for a market to function.
Lack of reliable data and information at the Member State level meant that it was difficult to set the level of the cap.
The percentage reduction factor for the overall cap has been too low. This will be increased after 2020 to align with achieving the emissions reduction targets set by the EU for 2030 and beyond. Companies and other market players faced uncertainty about National Allocation Plans (NAPs). The NAPs were highly complex, not transparent or harmonised across the Member States, and time-consuming to develop. Critically, the different methodologies used by Member States when developing their NAPs cre ated confusion and uncertainty for the market. NAPs are no longer used in phase 3. Allocation is instead determined via common rules agreed at the EU level. NIMs, for which the procedure and methodology is harmonised across EU countries, have replaced NAPs. The EC approves and amends NIMs as appropriate and ensures the harmonisation of allocation methodology across Member States resulting in greater transparency and equal treatment of market actors.
The administrative burden on the EC was initially heavy because they had to approve the various alloca tion schemes of the Member States, each of which had different allocation approaches.
Since 2008, the emissions cap has been set at the EU level (centralised), which reduces the administrative burden on the EC to some extent.
The diversity in cultures, and economic and social circumstances of the different Member States.
Some were concerned about how restrictive such a scheme could be on economic growth, particularly the States with lower income levels. Free allocation of emissions allowances and giving the Member States the responsibility for distributing their allocation were two ways that helped overcome initial concerns/ reluctance.
A mismatch between the supply of and demand for emissions allowances resulted in a surplus of allow ances which has grown steadily, reaching approximately 2 billion by the start of 2017. This has led to persistently low carbon prices in the EU ETS, reducing the price incentive for investing in low-carbon measures (EC, 2017).
The EC has developed a short-term solution of ‘back-loading’ allowances aiming to rebalance supply and demand. The longer-term solution proposed by the EC is to establish the MSR which enables persistent imbalances between supply and demand to be automatically adjusted via an objective and rule-based mechanism under certain conditions.
An ETS needs to be robust against external shocks in order to avoid imbalances in the supply and demand of allowances and to stabilise the carbon price. In phase 3, the EU ETS has suffered from excess supply of allowances following the economic crisis, which led to a lower than expected carbon price. A long-term structural plan is necessary to respond to such shocks, otherwise the EU ETS risks becoming marginalised.
Grandfathering of allowances can be an important method for achieving buy-in from stakeholders. However, it can also lead to market distortions such as carbon leakage and price volatility. The auc tioning of allowances combined with setting a centralised cap (EU wide in the case of the EU ETS) and the harmonisation of free allocation of allowances across Member States can help to correct these distortions.
A decentralised allocation system gives autonomy to Member States and can be an effective way of curbing opposition to an ETS. However, making NAPs was a cumbersome and complicated process therefore transitioning towards a more centralised allocation system and setting a centralised cap in the longer term can reduce complexity for market actors and the administrative burden on Member States.
Long-term policy certainty can generate confidence in the marketplace, thus stimulating private in vestment in low-carbon technologies.
A comprehensive MRV framework helps to develop harmonised monitoring and reporting of emissions among participants and promote a cost-effective and efficient functioning of the ETS.
How to replicate this practice:
Ensure strong political ownership and commitment: This is needed at the highest possible political level. It is also imperative to put in place a dedicated team with the necessary expertise to implement and advocate such scheme.
Establish a robust cap at the beginning: establishing an initial cap that is sufficiently resilient to exter nal shocks, such as an economic downturn, is crucial.
Begin with a decentralised system including the grandfathering of allowances before transitioning to a more centralised, auction-based system: In the early stages of implementation, stakeholder accept ance can be achieved by using compromises such as grandfathering allowances and giving Member States the autonomy to distribute these allowances.
Robust, transparent, consistent and accurate monitoring and reporting of GHG emissions: A compre hensive MRV system needs to be established ensuring that all participants follow the same procedures and are harmonised in their approach to MRV.
Integrating different emissions trading schemes: Linking might be cost-effective but there will be two different carbon prices that need to be merged which could lead to opposition from various stake holders on both sides. Strong, high level political commitment towards integration of schemes and a participatory stakeholder approach could help this process run more smoothly.
Contact for enquiries:
EU Emissions Trading
Synopsis
The EU Emissions Trading Scheme (EU ETS) has been characterized as one of the most far-reaching and radical environmental policies for many years. Given the EU's earlier resistance to this market-based and US-flavoured programme, the development and implementation of the EU ETS has been rapid. This novel approach to environmental regulation has the potential to affect not only greenhouse gas emissions in the EU, but also international strategies for climate change protection. This book investigates the origins, evolution and consequences of the EU ETS and offers significant contributions to the literatures on climate policy and EU policy making.
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Forex trade volume indicator
Forex trade volume indicator
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Forex trade volume indicator
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Dns global trading
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Demo trading forex Montevideo
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Binary option trading 584
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1. Introduction: The Rise and Fall of the Kyoto-Protocol
As for the time being the odds are not very promising for a follow-up treaty to the Kyoto Protocol (KP) beyond 2012. Although the United Nations Climate Change Conference in Durban in 2011 has agreed to prepare a legally binding and comprehensive agreement by 2017 which shall enter into force by 2020, there will be only self-imposed greenhouse gas (GHG) reduction targets based on the Copenhagen Accords 1 in the short term. Thus, the question arises whether and which alternatives for a global climate policy exist, allowing the continued application of such market-based mechanisms. For a start a short glance is cast at the performance of international climate policy up to now.
1.1. International Climate Policy in a Nutshell
Figure 1 illustrates that climate protection on a global level comprises a quite complex system of institutionalized multilateral negotiations. Initially, they dealt with a wide range of globally important environmental and humanitarian problems at the earth summit in Rio de Janeiro. With the adoption of the United Nations Framework Convention on Climate Change (UNFCCC) the international community of states finally agreed on particular efforts for abating climate change by reducing the global GHG-emissions. As, in fact, the UNFCCC with 195 Parties has near universal membership, it has to be considered as the starting point of a protracted process of global climate politics on the one hand and the parent treaty of the Kyoto Protocol from 1997 on the other hand.
With the entry into force of the Kyoto-Protocol on 16 February, 2005 its GHG-reduction targets actually have become legally binding on a global level for the first time. Moreover, an important shift to the application of market-based policy instruments has taken place by the introduction of the international emissions trading (IET) and the flexible instruments Joint Implementation (JI) and Clean Development Mechanism (CDM) according to
this internationally binding treaty.
Besides the above mentioned marked-based instruments the UNFCCC-regime comprises numerous additional mechanisms and programmes aiming at the achievement of the overall political target of a 2-degree limitation to global temperature rise. Hence, a constitutive connection with other important tasks of the Rio-agenda cannot be denied. Missing an appropriate consensus when the KP has been adopted, the latter only contains certain objectives for the subsequent legal implementation. Important examples in this regard are:
Л— Reducing Emissions from Deforestation and Forest Degradation (REDD, meanwhile enhanced to REDD+),
Л— Technology Mechanism (established by the Cancun agreements 2 ),
Л— Adaption Fund Board (Article 12, paragraph 8 KP), and
Л— Green Climate Fund (established in Durban).
All in all, the UNFCCC regulations represent a complex and highly branched network of climate change abatement measures where each aspect of climate change encounters a separate solution and almost each of these approaches entails the establishment of a corresponding institution again. Creating the impression of an almost confusing aggregation of starting-points today, a future aspired really comprehensive follow-up treaty will, on the one hand, certainly have to tackle the challenge of structural simplification, e. g. starting with the consolidation of the “two-track” negotiation process characterized by more or less parallel proceedings of the Ad Hoc Working Group on Further Commitments for Annex I Parties under the Kyoto Protocol (AWG-KP) and the Ad Hoc Working Group on Long-term Cooperative Action (AWG-LCA) as stated by [ 1 ]. On the other hand the question of international equity has to be answered more sufficiently.
That is affected e. g. by the phenomenon of the so called “low-hanging fruits” which means that the favoured use of flexible mechanisms like CDM restricts the availability of low-cost abatement measures of developing countries in the future. Unless the principle of “common but differentiated responsibilities and respecttive capabilities” as already proclaimed in the Berlin Mandate is not sincerely taken into consideration in this regard as well as in the context of the global allocation of climate change mitigation burdens and development opportunities, the prospects for gaining a new global climate treaty look rather poor.
1.2. “Bottom-Up” Climate Policies: Paradigm Shift or Temporary Solution
In a way all climate law, including the UNFCCC and the Kyoto-Protocol, might be subsumed under the term
“bottom-up”, since there is no world government or other centralized authority that imposes obligations upon states. Accordingly, it is necessary to clarify and define the usage of this important term in the analysis at hand: the notion of “bottom-up” in the present context refers to initiatives taking place at lower scales of organization than the international level. This interpretation is in line with other contributions cited by [2, p. 462] that describe this trend in climate law as “polycentric”, “multilevel” or “sub-global” regulations for instance.
Thus, the legal framework imposed by the international community of states within the UNFCCC negotiation process is regarded as top-down regulation in this context anyway.
Against the backdrop of uncertainty about a follow-up treaty the prevailing dynamic in international climate policy has already changed with the Copenhagen Accord. The top-down specification of targets has then been succeeded by a “bottom-up” oriented approach whereby countries submit their own pledges concerning their envisaged national emissions reductions.
More and more countries try to reach their self-imposed GHG-targets by implementing national emissions trading systems. From an economic point of view, the global linkage of as many domestic emission trading schemes as possible is expected to increase efficiency and reduce abatement costs in the first place. Moreover, the problem of “carbon leakage” is the further diminishing the more countries are involved in a coordinated climate regime.
After outlining qualitatively the essential requirements of such an alternative bottom-up approach, an overview and a classification of potential candidates for linking are provided. In Section 4 the future prospects of the assumed paradigm shift to such a bottom-up approach will finally be critically reviewed.
2. Key Design Issues for Linkages with the EU ETS
As far as factual emission reductions are concerned the European ETS can be considered as quite successful for the time being. However, in a critical view, it has to be admitted that a good deal of the accounted reductions are due to flexible instruments like JI and CDM and therefore they have to be regarded at least sceptically. 3
The EU ETS contains a legal provision offering the explicit option for linking with other domestic ETS in Article 25 of the ETS Directive 4 itself. After its revision in the course of the EU climate and energy package in 2009, the additional paragraph 1a specifies that “agreements may be made to provide for the recognition of allowances between the Community scheme and compatible mandatory greenhouse gas emission trading systems with absolute emissions caps established in any other country or in sub-federal or regional entities” which will enter into force at the beginning of 2017.
Accordingly [ 3 ] highlight a key role by the EU in the process of linking provided that a potential linking candidate meets certain quality criteria. Hence, the European scheme has been looked at and particularly analyzed with regard to such characteristic elements that are critical for other domestic ETS for linking with the EU-ETS. 5 Following [ 4 ] the conditions for a successful linking of ETS are defined by the degree of consistency of the different schemes. Table 1 provides an overview of the considered key design issues which are assessed regarding their characteristics for linking (with the EU ETS).
Recalling the above mentioned key design elements the following requirements are crucial in order to provide economic efficiency and ecological effectiveness of a linked ETS:
- The participation is mandatory for all relevant emitters, and all important emissions and sectors are covered by the scheme.
- The cap is designed absolutely and stringently and displays serious but realistic ecological targets.
- Allocation is achieved by auctioning whereas temporal flexibility is induced and guaranteed by the possibility of linking, but no unrestricted borrowing is allowed.
- Ecologically ambitious offsets are accepted for compliance only to a certain degree whereas price caps may endanger the ecologic and economic performance depending on the actual carbon price.
- Monitoring, reporting, verification and registry are operated via electronic systems.
- Penalty frameworks contain a monetary fine and the obligatory delivery of missing allowances.
3. Potential Linking Candidates 3.1. Existing and Planned ETS—An Overview
Various ETS are already in place around the world, are being planned or enter into an important stage of design. The following existing and planned ETS in 2012, as illustrated in Figure 2. are examined with regard to the above discussed key design elements:
- ETS of Switzerland,
- Japan Voluntary Emission Trading Scheme (JVETS),
- Japan—Integrated Domestic Market of Emissions,
Table 1 Key design elements and implications for linking—Overview
- Tokyo ETS,
- South Korea ETS,
- Australia—Carbon Price Mechanism (CPM),
- New Zealand ETS,
- USA—Regional Greenhouse Gas Initiative (RRGI),
- USA and Canada—Western Climate Initiative (WCI),
- USA/California—Global Warming Solutions Act of 2006 (GWSA),
- Canada/Alberta: Greenhouse Gas Reduction Program.
The authors are aware that this does not represent a complete overview. Because of the lack of publicly available information, particular ETS cannot be considered for the analysis ([ 5 ], pp. 29-30):
The New South Wales Greenhouse Gas Reduction Scheme (GGAS) was closed by July 2012.
As far as the United States of America is concerned, all imposed initiatives are regionally negotiated to fix a model rule and are then implemented on state level. In this regard the RGGI and the WCI are examined, with California being analyzed as an example of a WCI member state. The Chicago Climate Exchange, a voluntary but legally binding emission trading system, is also not taken into consideration as it was closed in 2010. Federal legislative proposals on climate and energy in the US Congress, such as the Waxman-Markey Bill, the Kerry-Boxer Bill and the Kerry-Liebermann Bill were also not evaluated as their entry into force is rather improbable.
3.2. Identification of Linking Candidates
In economic terms the central principles of climate policy in the context of linking are the generation of economic efficiency by an overall cost-minimisation and by environmental effectiveness through the decrease of GHG emissions as defined by the reduction target.
In order to identify serious candidates for a reasonable bottom-up approach, the selected schemes have been studied with regard to the revealed key design elements where consistency with the EU ETS is essential for an economically efficient and environmentally effective linking.
As stated in Table 1. the combination of voluntary and mandatory systems may induce the leakage of emitters facing a high abatement burden of the voluntary scheme, and hence, economic efficiency and environmental integrity may be highly at risk. Further, the voluntary market may attract net sellers of allowances, which weakens the cap’s overall stringency and in turn endangers environmental effectiveness. In Japan the system shall be understood as a pilot project which helps to gain information about building up national emission trading schemes. Absolute ecological effectiveness and CO 2 price signals are not significant regarding environmental regulation at national and international level. Regarding the linkage of the JVETS and the IDMET with the EU ETS, the voluntary character of these two Japanese systems would reduce ecological and economic benefits induced by linking. Hence, the incentives to connect these systems to larger and stricter markets might not be existent in the present assuming the perpetuation of the schemes’ design.
Another crucial aspect for successful linking is the cap’s design. In case of a combination of relative and absolute caps the fact that total emissions of the system with the relative cap are not known in advance harms the market liquidity. In addition, [ 6 ] points out that in case of linking systems with absolute and relative targets there may be a feedback in the overall emissions of the scheme with a relative cap disabling ecological effectiveness. For those reasons, the Greenhouse Gas Reduction Programme of Alberta should be excluded from further analysis.
Thirdly, continuance builds an essential element when systems are linked. The combination of schemes in case of unclear expiration dates and legislation reduces credibility in the permanence of compliance and serious abatement burdens for covered sectors. The evaluated schemes mostly feature time-scales until 2020. The linking of the considered schemes in the mid and the long term may strengthen the negotiation process, regarding the globally binding climate agreement focused on by the UNFCCC as a follow-up treaty to the KP, which shall enter into force in 2020.
Fourthly, unrestricted borrowing of allowances within one linking partner scheme would destabilise the overall penalty and compliance system. As a result, economic efficiency and ecological integrity might be highly at risk because the obligation to reduce could be unlimitedly transferred to future periods. Within the analysed ETS, only the IDMET, which already was disqualified from further analysis because of its voluntary character, featured unrestricted borrowing.
It was also derived in Table 1 that in case of linking the EU ETS to schemes with price caps, the safety valve will be applied in the linked system. This means that depending on the level of this price cap economic efficiency and environmental integrity in the EU ETS might be endangered. The analysis of the existing and planned ETS showed that the operating ETS of New Zealand features a price cap of 25 NZ$/tCO 2 (
16 EUR/tCO 2 ) from 2012 and the planned Australian CPM features a price cap of 20 A$/tCO 2 (
16 EUR/tCO 2 ) above the international carbon market price from 2017. In Switzerland, sources which are not covered by the domestic ETS are regulated by a CO 2 tax which imposes 36 CHF/tCO 2 (
30 EUR/tCO 2 ). As the participation in the Swiss ETS is a voluntary alternative to the mandatory CO 2 tax, the tax can also be understood as the price cap of the ETS. Regarding the CO 2 price generated by the EU ETS, a level of 6 - 8 EUR/tCO 2 was ultimately achieved during spring 2012. Assuming similar price levels in the third trading period, the mentioned price caps would not put the ecologic and economic performance of a linked approach at risk.
On the other hand, a higher positive price signal (≥16 EUR/tCO 2 ) in the EU ETS would weaken the benefits of a linkage with the ETS of New Zealand.
From the analyses as disclosed in Tables 2-4 a basic linking scenario is derived. It is defined by the combination of the EU ETS with the following linking candidates: ETS of Switzerland, Tokyo ETS, South Korea ETS, Australia CPM, New Zealand ETS, USA-Regional Greenhouse Gas Initiative, USA and Canada-Western Climate Initiative and USA/California-Global Warming Solutions Act of 2006. As Figure 3 displays, in this scenario the linked system covers approx. 4200 MtCO 2 e. As the Australian scheme fixes the allowance price within the first three years of trading, a linkage in the short term is not possible. However, an efficient cap-and-trade design is focused from July 2017, turning Australia into a serious linking partner.
4. From Global Commons to Global Governance
On the one hand, from an economic point of view linking the EU ETS and other existing or emerging domestic ETS is highly desirable, because a linkage between two or more ETS will generate a market with a larger number of participants, increasing the diversity of control costs and increasing the liquidity of the market [ 7 ]. This will further contribute to reducing the overall cost of compliance in the concerned systems while improving the overall economic efficiencies of the ETS. Furthermore, linking ETS also provides internationally competing companies a wider regulatory framework with a single price of carbon. Finally, an ETS linkage does not only promote technology transfer and sustainable development, but also the creation of a larger global market [ 8 ].
On the other hand, the risk that the cap setting process of the linking partners turns into a multi-stage game with strategically acting states cannot be denied. This again may increase the overall cap and reduce the total abatement and lead to lower economic efficiency and ecological effectiveness as compared to a situation without linkage.
Hence, a polycentric climate governance approach system will also require a central authority to a certain extent—in particular concerning the allocation of allowances and compliance. The crucial point is eventually, how to limit the amount of certificates in a fair and also effective way-so that the ecologically necessary climate change mitigation is promoted.
A solution may be found in the area of global governance which can be defined as governing beyond the nation state. Governance without government indicates that activities at the international level are characterized by shared goals but are not backed by a formal legal authority. The focus of global governance is thus on cooperation and harmonization in order to attain compliance.
Table 2 General issues of different emissions trading schemes
4.1. Notes on the Institutional Design of a Bottom-Up-Approach
In principle, also in a decentralized system bilateral and/or multilateral treaties might be the main mechanism for meeting the necessary regulations, because in the context of international law this is the only way to create a binding type of cooperation. But though such agreements are based on reciprocal obligations and in some cases even safeguarded by the possibility of sanctions and measures to remedy default, an effective implementation still has to face several challenges.
Above all, a country’s sovereignty is not limited by the conclusion of an international treaty in principle. A single state party might change its mind any time and decide to cancel its participation, as it never has lost its full
Table 3 Coverage issues in different emissions trading schemes
capacity to act that way. Hence, the application as well as the withdrawal from a treaty itself, often depends above all on political and not least economic considerations. In particular, a country’s reputation plays a very important role in international law and beyond doubt, has a significant impact on a country’s decision to enter into a climate change treaty or a linking agreement with the EU.
Recalling the above mentioned economic preference of a common mandatory cap as shown by [9,10], a realistic approach will have to concede that national governments might neither be willing to give up their sovereignty and subordinate to a global government, e. g. by transferring the competence of cap setting to a particular central authority. Nevertheless, the question has to
Table 4 Issues regarding trading, allocation, temporal flexibility and compliance in different emissions trading schemes
be raised which opportunities can be envisaged to settle this conflict. Answering the problem of a global common, any proposals thereto will obviously relate more or less to the field of global governance.
4.2. Creation of a New Institution or Improvement of the UNFCCC
In principle, a new institution could be installed by the means of biand/or multilateral linking agreements, which is responsible for matters that need to be dealt with concerning the linkage of ETS. These include in particular the setting of reduction targets for each participating country, the managing of the auctioning of the corresponding overall allowances if required, and the monitoring of their compliance as ultimate authority. In practice, such structures do already exist within the UNFCCC, so that it seems more reasonable to look for a way to adopt and improve these frameworks with the aim of harnessing them in a bottom-up driven system. For the latter, simplification and tightening of the UNFCCC structures seem to be especially necessary. In addition, global fairness aspects have to be taken into account more seriously, with respect to the permits allocation [11-13].
Despite such future improvements of the UNFCCC, political acceptance will be hard to attain, as Canada’s recently announced withdrawal from the KP shows. Henceeven a stronger compliance system might not guarantee enduring adherence.
In this context the authors propose to uncouple the crucial matter of centralized cap-setting from the political negotiation procedure-perhaps by installing an independent scientific body for that purpose. In general the widely accepted Intergovernmental Panel on Climate Change (IPCC) seems to be predestined for this task. Based on future provisions in a follow-up treaty to the KP for instance, this scientific body could be assigned to appoint a nationally and politically independent executive board responsible for a science-based and comprehensive cap-setting, comprising all states involved in a globally linked ETS.
4.3. Linking Climate and Trade
Traditionally, international trade and climate change communities look at each other with suspicion, judging “globalisation” as key source of climate problems on the one hand and criticising that climate policies are harming trade and economic growth on the other hand. Nevertheless, a future reconciliation of both regimes might show the greatest promise concerning climate politics. For instance, the WTO constitutes one of the most effective international organisations due to compliance rules that are thoroughly implemented. Without bringing together the objectives of fostering trade and climate change, and recognising them as two sides of the same coin, effective emissions reductions measures will be slowed down significantly.
Additionally, it should be taken into account that every-more or less globally-linked ETS will have to face carbon-leakage problems depending inversely on the number of schemes involved [ 14 ]. Thus, such a system might in any case have to introduce some kind of adjustments and need to take WTO rules into consideration.
5. Conclusions and Outlook
In face of the uncertainty about a binding post-2012 climate policy agreement and thus for a consolidated topdown global emissions trading scheme, building such a system step by step by national links could be an important contribution to a sustained development of market-based climate policies.
Based on the findings of the presented evaluation of possible link ing candidates, the crucial question is whether such a bottom-up system will be able to meet the climate change challenges in an adequate manner without any centralized institution adopting certain common regulations at an international level such as the allocation of certificates within a certain cap.
The finally presented ideas of creating an independent cap-setting authority on the international level as well as the-also only touched upon-issue of reconciling trade and climate interests open up a wide field for more profound investigation. In addition, they might have to face significant political obstacles. Nevertheless, a discussion on new legal structures has to be launched urgently in order to promote the future development of international climate politics.
Financial support from the Austrian Climate and Energy Fund in the framework of the “ARCP” Program is gratefully acknowledged. The authors also thank Martin Luger for helpful suggestions.
Energy Institute, Johannes Kepler University of Linz, Linz, Austria.
Received September 18 th. 2012; revised October 25 th. 2012; accepted November 7 th. 2012
Keywords: Post-Kyoto; Emissions Trading Schemes; Bottom-Up Linking
The analysis at hand constitutes a legal, institutional and in particular qualitatively economic assessment of a global climate change policy architecture evolving from the linkage of the European Emissions Trading Scheme (EU ETS) with emerging domestic emissions trading schemes (ETS) worldwide. Initially, the marked-based climate change regimes on global as well as on EU level are reviewed. The efficiency of the complex negotiation process at the global level is assessed by its outcome according to international law. The analysis of EU legislation sets the stage for deducing essential criteria as provisions for an effective linking with other national ETS. These critical design issues are then revealed for each linking candidate in order to evaluate the linking potentials of specific domestic ETS. Moreover, the results of this multi-dimensional approach enable statements on the economic efficiency and ecological effectiveness. In particular the inefficiencies of centralized and decentralized regimes are analyzed. Due to these findings subsequent challenges for a fair and effective allocation of allowances in a bottom-up system without a centralized institution responsible for the limitation of the total amount of certificates are dealt with. As starting point for a discussion on conceivable legal constructions thereto the latter may play a role within the negotiation process towards future climate change combat strategies and agreements.
1. Introduction: The Rise and Fall of the Kyoto-Protocol
As for the time being the odds are not very promising for a follow-up treaty to the Kyoto Protocol (KP) beyond 2012. Although the United Nations Climate Change Conference in Durban in 2011 has agreed to prepare a legally binding and comprehensive agreement by 2017 which shall enter into force by 2020, there will be only self-imposed greenhouse gas (GHG) reduction targets based on the Copenhagen Accords 1 in the short term. Thus, the question arises whether and which alternatives for a global climate policy exist, allowing the continued application of such market-based mechanisms. For a start a short glance is cast at the performance of international climate policy up to now.
1.1. International Climate Policy in a Nutshell
Figure 1 illustrates that climate protection on a global level comprises a quite complex system of institutionalized multilateral negotiations. Initially, they dealt with a wide range of globally important environmental and humanitarian problems at the earth summit in Rio de Janeiro. With the adoption of the United Nations Framework Convention on Climate Change (UNFCCC) the international community of states finally agreed on particular efforts for abating climate change by reducing the global GHG-emissions. As, in fact, the UNFCCC with 195 Parties has near universal membership, it has to be considered as the starting point of a protracted process of global climate politics on the one hand and the parent treaty of the Kyoto Protocol from 1997 on the other hand.
With the entry into force of the Kyoto-Protocol on 16 February, 2005 its GHG-reduction targets actually have become legally binding on a global level for the first time. Moreover, an important shift to the application of market-based policy instruments has taken place by the introduction of the international emissions trading (IET) and the flexible instruments Joint Implementation (JI) and Clean Development Mechanism (CDM) according to
Figure 1. Simplified structure of the UNFCCC-regime and its negotiation pathway(s); Source: Own composition.
this internationally binding treaty.
Besides the above mentioned marked-based instruments the UNFCCC-regime comprises numerous additional mechanisms and programmes aiming at the achievement of the overall political target of a 2-degree limitation to global temperature rise. Hence, a constitutive connection with other important tasks of the Rio-agenda cannot be denied. Missing an appropriate consensus when the KP has been adopted, the latter only contains certain objectives for the subsequent legal implementation. Important examples in this regard are:
˗ Reducing Emissions from Deforestation and Forest Degradation (REDD, meanwhile enhanced to REDD+),
˗ Technology Mechanism (established by the Cancun agreements 2 ),
˗ Adaption Fund Board (Article 12, paragraph 8 KP), and
˗ Green Climate Fund (established in Durban).
All in all, the UNFCCC regulations represent a complex and highly branched network of climate change abatement measures where each aspect of climate change encounters a separate solution and almost each of these approaches entails the establishment of a corresponding institution again. Creating the impression of an almost confusing aggregation of starting-points today, a future aspired really comprehensive follow-up treaty will, on the one hand, certainly have to tackle the challenge of structural simplification, e. g. starting with the consolidation of the “two-track” negotiation process characterized by more or less parallel proceedings of the Ad Hoc Working Group on Further Commitments for Annex I Parties under the Kyoto Protocol (AWG-KP) and the Ad Hoc Working Group on Long-term Cooperative Action (AWG-LCA) as stated by [1]. On the other hand the question of international equity has to be answered more sufficiently.
That is affected e. g. by the phenomenon of the so called “low-hanging fruits” which means that the favoured use of flexible mechanisms like CDM restricts the availability of low-cost abatement measures of developing countries in the future. Unless the principle of “common but differentiated responsibilities and respecttive capabilities” as already proclaimed in the Berlin Mandate is not sincerely taken into consideration in this regard as well as in the context of the global allocation of climate change mitigation burdens and development opportunities, the prospects for gaining a new global climate treaty look rather poor.
1.2. “Bottom-Up” Climate Policies: Paradigm Shift or Temporary Solution
In a way all climate law, including the UNFCCC and the Kyoto-Protocol, might be subsumed under the term
“bottom-up”, since there is no world government or other centralized authority that imposes obligations upon states. Accordingly, it is necessary to clarify and define the usage of this important term in the analysis at hand: the notion of “bottom-up” in the present context refers to initiatives taking place at lower scales of organization than the international level. This interpretation is in line with other contributions cited by [2, p. 462] that describe this trend in climate law as “polycentric”, “multilevel” or “sub-global” regulations for instance.
Thus, the legal framework imposed by the international community of states within the UNFCCC negotiation process is regarded as top-down regulation in this context anyway.
Against the backdrop of uncertainty about a follow-up treaty the prevailing dynamic in international climate policy has already changed with the Copenhagen Accord. The top-down specification of targets has then been succeeded by a “bottom-up” oriented approach whereby countries submit their own pledges concerning their envisaged national emissions reductions.
More and more countries try to reach their self-imposed GHG-targets by implementing national emissions trading systems. From an economic point of view, the global linkage of as many domestic emission trading schemes as possible is expected to increase efficiency and reduce abatement costs in the first place. Moreover, the problem of “carbon leakage” is the further diminishing the more countries are involved in a coordinated climate regime.
After outlining qualitatively the essential requirements of such an alternative bottom-up approach, an overview and a classification of potential candidates for linking are provided. In Section 4 the future prospects of the assumed paradigm shift to such a bottom-up approach will finally be critically reviewed.
2. Key Design Issues for Linkages with the EU ETS
As far as factual emission reductions are concerned the European ETS can be considered as quite successful for the time being. However, in a critical view, it has to be admitted that a good deal of the accounted reductions are due to flexible instruments like JI and CDM and therefore they have to be regarded at least sceptically. 3
The EU ETS contains a legal provision offering the explicit option for linking with other domestic ETS in Article 25 of the ETS Directive 4 itself. After its revision in the course of the EU climate and energy package in 2009, the additional paragraph 1a specifies that “agreements may be made to provide for the recognition of allowances between the Community scheme and compatible mandatory greenhouse gas emission trading systems with absolute emissions caps established in any other country or in sub-federal or regional entities” which will enter into force at the beginning of 2017.
Accordingly [3] highlight a key role by the EU in the process of linking provided that a potential linking candidate meets certain quality criteria. Hence, the European scheme has been looked at and particularly analyzed with regard to such characteristic elements that are critical for other domestic ETS for linking with the EU-ETS. 5 Following [4] the conditions for a successful linking of ETS are defined by the degree of consistency of the different schemes. Table 1 provides an overview of the considered key design issues which are assessed regarding their characteristics for linking (with the EU ETS).
Recalling the above mentioned key design elements the following requirements are crucial in order to provide economic efficiency and ecological effectiveness of a linked ETS:
- The participation is mandatory for all relevant emitters, and all important emissions and sectors are covered by the scheme.
- The cap is designed absolutely and stringently and displays serious but realistic ecological targets.
- Allocation is achieved by auctioning whereas temporal flexibility is induced and guaranteed by the possibility of linking, but no unrestricted borrowing is allowed.
- Ecologically ambitious offsets are accepted for compliance only to a certain degree whereas price caps may endanger the ecologic and economic performance depending on the actual carbon price.
- Monitoring, reporting, verification and registry are operated via electronic systems.
- Penalty frameworks contain a monetary fine and the obligatory delivery of missing allowances.
3. Potential Linking Candidates
3.1. Existing and Planned ETS—An Overview
Various ETS are already in place around the world, are being planned or enter into an important stage of design. The following existing and planned ETS in 2012, as illustrated in Figure 2. are examined with regard to the above discussed key design elements:
- ETS of Switzerland,
- Japan Voluntary Emission Trading Scheme (JVETS),
- Japan—Integrated Domestic Market of Emissions,
Table 1. Key design elements and implications for linking—Overview.
Figure 2. Evaluated emissions trading schemes; Note: EU ETS is displayed in green color, operating ETS are displayed in blue color and planned ETS are displayed in red color; Source: Own compilation.
- South Korea ETS,
- Australia—Carbon Price Mechanism (CPM),
- New Zealand ETS,
- USA—Regional Greenhouse Gas Initiative (RRGI),
- USA and Canada—Western Climate Initiative (WCI),
- USA/California—Global Warming Solutions Act of 2006 (GWSA),
- Canada/Alberta: Greenhouse Gas Reduction Program.
The authors are aware that this does not represent a complete overview. Because of the lack of publicly available information, particular ETS cannot be considered for the analysis ([5], pp. 29-30):
The New South Wales Greenhouse Gas Reduction Scheme (GGAS) was closed by July 2012.
As far as the United States of America is concerned, all imposed initiatives are regionally negotiated to fix a model rule and are then implemented on state level. In this regard the RGGI and the WCI are examined, with California being analyzed as an example of a WCI member state. The Chicago Climate Exchange, a voluntary but legally binding emission trading system, is also not taken into consideration as it was closed in 2010. Federal legislative proposals on climate and energy in the US Congress, such as the Waxman-Markey Bill, the Kerry-Boxer Bill and the Kerry-Liebermann Bill were also not evaluated as their entry into force is rather improbable.
3.2. Identification of Linking Candidates
In economic terms the central principles of climate policy in the context of linking are the generation of economic efficiency by an overall cost-minimisation and by environmental effectiveness through the decrease of GHG emissions as defined by the reduction target.
In order to identify serious candidates for a reasonable bottom-up approach, the selected schemes have been studied with regard to the revealed key design elements where consistency with the EU ETS is essential for an economically efficient and environmentally effective linking.
As stated in Table 1. the combination of voluntary and mandatory systems may induce the leakage of emitters facing a high abatement burden of the voluntary scheme, and hence, economic efficiency and environmental integrity may be highly at risk. Further, the voluntary market may attract net sellers of allowances, which weakens the cap’s overall stringency and in turn endangers environmental effectiveness. In Japan the system shall be understood as a pilot project which helps to gain information about building up national emission trading schemes. Absolute ecological effectiveness and CO 2 price signals are not significant regarding environmental regulation at national and international level. Regarding the linkage of the JVETS and the IDMET with the EU ETS, the voluntary character of these two Japanese systems would reduce ecological and economic benefits induced by linking. Hence, the incentives to connect these systems to larger and stricter markets might not be existent in the present assuming the perpetuation of the schemes’ design.
Another crucial aspect for successful linking is the cap’s design. In case of a combination of relative and absolute caps the fact that total emissions of the system with the relative cap are not known in advance harms the market liquidity. In addition, [6] points out that in case of linking systems with absolute and relative targets there may be a feedback in the overall emissions of the scheme with a relative cap disabling ecological effectiveness. For those reasons, the Greenhouse Gas Reduction Programme of Alberta should be excluded from further analysis.
Thirdly, continuance builds an essential element when systems are linked. The combination of schemes in case of unclear expiration dates and legislation reduces credibility in the permanence of compliance and serious abatement burdens for covered sectors. The evaluated schemes mostly feature time-scales until 2020. The linking of the considered schemes in the mid and the long term may strengthen the negotiation process, regarding the globally binding climate agreement focused on by the UNFCCC as a follow-up treaty to the KP, which shall enter into force in 2020.
Fourthly, unrestricted borrowing of allowances within one linking partner scheme would destabilise the overall penalty and compliance system. As a result, economic efficiency and ecological integrity might be highly at risk because the obligation to reduce could be unlimitedly transferred to future periods. Within the analysed ETS, only the IDMET, which already was disqualified from further analysis because of its voluntary character, featured unrestricted borrowing.
It was also derived in Table 1 that in case of linking the EU ETS to schemes with price caps, the safety valve will be applied in the linked system. This means that depending on the level of this price cap economic efficiency and environmental integrity in the EU ETS might be endangered. The analysis of the existing and planned ETS showed that the operating ETS of New Zealand features a price cap of 25 NZ$/tCO 2 (
16 EUR/tCO 2 ) from 2012 and the planned Australian CPM features a price cap of 20 A$/tCO 2 (
16 EUR/tCO 2 ) above the international carbon market price from 2017. In Switzerland, sources which are not covered by the domestic ETS are regulated by a CO 2 tax which imposes 36 CHF/tCO 2 (
30 EUR/tCO 2 ). As the participation in the Swiss ETS is a voluntary alternative to the mandatory CO 2 tax, the tax can also be understood as the price cap of the ETS. Regarding the CO 2 price generated by the EU ETS, a level of 6 - 8 EUR/tCO 2 was ultimately achieved during spring 2012. Assuming similar price levels in the third trading period, the mentioned price caps would not put the ecologic and economic performance of a linked approach at risk.
On the other hand, a higher positive price signal (≥16 EUR/tCO 2 ) in the EU ETS would weaken the benefits of a linkage with the ETS of New Zealand.
From the analyses as disclosed in Tables 2-4 a basic linking scenario is derived. It is defined by the combination of the EU ETS with the following linking candidates: ETS of Switzerland, Tokyo ETS, South Korea ETS, Australia CPM, New Zealand ETS, USA-Regional Greenhouse Gas Initiative, USA and Canada-Western Climate Initiative and USA/California-Global Warming Solutions Act of 2006. As Figure 3 displays, in this scenario the linked system covers approx. 4200 MtCO 2 e. As the Australian scheme fixes the allowance price within the first three years of trading, a linkage in the short term is not possible. However, an efficient cap-and-trade design is focused from July 2017, turning Australia into a serious linking partner.
4. From Global Commons to Global Governance
On the one hand, from an economic point of view linking the EU ETS and other existing or emerging domestic ETS is highly desirable, because a linkage between two or more ETS will generate a market with a larger number of participants, increasing the diversity of control costs and increasing the liquidity of the market [7]. This will further contribute to reducing the overall cost of compliance in the concerned systems while improving the overall economic efficiencies of the ETS. Furthermore, linking ETS also provides internationally competing companies a wider regulatory framework with a single price of carbon. Finally, an ETS linkage does not only promote technology transfer and sustainable development, but also the creation of a larger global market [8].
On the other hand, the risk that the cap setting process of the linking partners turns into a multi-stage game with strategically acting states cannot be denied. This again may increase the overall cap and reduce the total abatement and lead to lower economic efficiency and ecological effectiveness as compared to a situation without linkage.
Hence, a polycentric climate governance approach system will also require a central authority to a certain extent—in particular concerning the allocation of allowances and compliance. The crucial point is eventually, how to limit the amount of certificates in a fair and also effective way-so that the ecologically necessary climate change mitigation is promoted.
A solution may be found in the area of global governance which can be defined as governing beyond the nation state. Governance without government indicates that activities at the international level are characterized by shared goals but are not backed by a formal legal authority. The focus of global governance is thus on cooperation and harmonization in order to attain compliance.
Table 2. General issues of different emissions trading schemes.
4.1. Notes on the Institutional Design of a Bottom-Up-Approach
In principle, also in a decentralized system bilateral and/or multilateral treaties might be the main mechanism for meeting the necessary regulations, because in the context of international law this is the only way to create a binding type of cooperation. But though such agreements are based on reciprocal obligations and in some cases even safeguarded by the possibility of sanctions and measures to remedy default, an effective implementation still has to face several challenges.
Above all, a country’s sovereignty is not limited by the conclusion of an international treaty in principle. A single state party might change its mind any time and decide to cancel its participation, as it never has lost its full
Table 3. Coverage issues in different emissions trading schemes.
capacity to act that way. Hence, the application as well as the withdrawal from a treaty itself, often depends above all on political and not least economic considerations. In particular, a country’s reputation plays a very important role in international law and beyond doubt, has a significant impact on a country’s decision to enter into a climate change treaty or a linking agreement with the EU.
Recalling the above mentioned economic preference of a common mandatory cap as shown by [9,10], a realistic approach will have to concede that national governments might neither be willing to give up their sovereignty and subordinate to a global government, e. g. by transferring the competence of cap setting to a particular central authority. Nevertheless, the question has to
Table 4. Issues regarding trading, allocation, temporal flexibility and compliance in different emissions trading schemes.
Figure 3. Covered CO 2 e emissions of linking candidates; Source: Own compilation based on the results of Section 3.2.
be raised which opportunities can be envisaged to settle this conflict. Answering the problem of a global common, any proposals thereto will obviously relate more or less to the field of global governance.
4.2. Creation of a New Institution or Improvement of the UNFCCC
In principle, a new institution could be installed by the means of biand/or multilateral linking agreements, which is responsible for matters that need to be dealt with concerning the linkage of ETS. These include in particular the setting of reduction targets for each participating country, the managing of the auctioning of the corresponding overall allowances if required, and the monitoring of their compliance as ultimate authority. In practice, such structures do already exist within the UNFCCC, so that it seems more reasonable to look for a way to adopt and improve these frameworks with the aim of harnessing them in a bottom-up driven system. For the latter, simplification and tightening of the UNFCCC structures seem to be especially necessary. In addition, global fairness aspects have to be taken into account more seriously, with respect to the permits allocation [11-13].
Despite such future improvements of the UNFCCC, political acceptance will be hard to attain, as Canada’s recently announced withdrawal from the KP shows. Henceeven a stronger compliance system might not guarantee enduring adherence.
In this context the authors propose to uncouple the crucial matter of centralized cap-setting from the political negotiation procedure-perhaps by installing an independent scientific body for that purpose. In general the widely accepted Intergovernmental Panel on Climate Change (IPCC) seems to be predestined for this task. Based on future provisions in a follow-up treaty to the KP for instance, this scientific body could be assigned to appoint a nationally and politically independent executive board responsible for a science-based and comprehensive cap-setting, comprising all states involved in a globally linked ETS.
4.3. Linking Climate and Trade
Traditionally, international trade and climate change communities look at each other with suspicion, judging “globalisation” as key source of climate problems on the one hand and criticising that climate policies are harming trade and economic growth on the other hand. Nevertheless, a future reconciliation of both regimes might show the greatest promise concerning climate politics. For instance, the WTO constitutes one of the most effective international organisations due to compliance rules that are thoroughly implemented. Without bringing together the objectives of fostering trade and climate change, and recognising them as two sides of the same coin, effective emissions reductions measures will be slowed down significantly.
Additionally, it should be taken into account that every-more or less globally-linked ETS will have to face carbon-leakage problems depending inversely on the number of schemes involved [14]. Thus, such a system might in any case have to introduce some kind of adjustments and need to take WTO rules into consideration.
5. Conclusions and Outlook
In face of the uncertainty about a binding post-2012 climate policy agreement and thus for a consolidated topdown global emissions trading scheme, building such a system step by step by national links could be an important contribution to a sustained development of market-based climate policies.
Based on the findings of the presented evaluation of possible link ing candidates, the crucial question is whether such a bottom-up system will be able to meet the climate change challenges in an adequate manner without any centralized institution adopting certain common regulations at an international level such as the allocation of certificates within a certain cap.
The finally presented ideas of creating an independent cap-setting authority on the international level as well as the-also only touched upon-issue of reconciling trade and climate interests open up a wide field for more profound investigation. In addition, they might have to face significant political obstacles. Nevertheless, a discussion on new legal structures has to be launched urgently in order to promote the future development of international climate politics.
Financial support from the Austrian Climate and Energy Fund in the framework of the “ARCP” Program is gratefully acknowledged. The authors also thank Martin Luger for helpful suggestions.
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1 FCCC/SB/2011/INF.1/Rev.1, p. 3. Compilation of economy-wide emission reduction targets to be implemented by Parties included in Annex I to the Convention.
2 Paragraph 117 of Decision 1/CP.16.
3 Remember e. g. the “low-hanging fruits” mentioned in Section 2 above.
4 Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community as amended by Directive 2004/101/EC, Directive 2008/101/EC, Regulation (EC) No 219/2009 and Directive 2009/29/EC.
5 Based on the legal rules for the up-coming trading period 2017-2020.
Emissions of greenhouse gases such as carbon dioxide cause the earth's atmosphere to warm, leading to deadly droughts, floods and other extreme weather events. Taxes on carbon/energy can help mitigate global climate change, by raising the prices of carbon-rich fuels to reflect the social and environmental costs they inflict on society. Higher prices of carbon-based fuels would also boost the use of renewable energy, such as solar and wind power.
Many experts argue that energy taxes would be more efficient in reducing the speed of global warming than the current emissions trading system under the Kyoto Protocol. The Kyoto system imposes greenhouse gas emission caps on ratifying countries by giving them a limited amount of emissions credits. But these emissions credits are tradable, thereby allowing affluent governments and powerful industries to evade responsibility by purchasing credits from less-polluting countries and industries. Critics argue that the emissions trading system only deals with climate change on a superficial level. Moreover, energy taxes have the advantage of raising revenues that could be earmarked for further investment in renewable energy sources.
Articles and Documents
2012
Australia has launched a carbon tax initiative together with the Carbon Farming Initiative (CFI). Under CFI, the government will buy carbon credits from farmers and land managers who save carbon by storing carbon or reducing greenhouse gas emissions on the land. Australian farmers are exempt from most of the carbon tax but are eligible for the carbon credits in CFI. The double initiative could be useful in gathering support from Australia’s farm lobby for the controversial carbon policy, but questions remain about market approaches to climate change mitigation. ( Triple Crisis )
2011
Hackers, linked to organized crime, have mounted sophisticated cyber attacks on trading systems in the European carbon market, calling into question the security of these exchanges. The hackers stole CO2 permits and resold them in the market before their owners realize that they were missing. The attacks pose a threat to the legitimacy of the carbon market, but EU officials claim the raids do not undermine their carbon trading scheme. ( Bloomberg )
James Hansen, one of the world's leading climate scientists, is disappointed with the pace world leaders are moving to fix a rapidly warming planet. He asserts that China and the US, the world's leading carbon emitters, should tax carbon to support the transition to clean technologies, and move their economies away from dependence on fossil fuels. Hansen claims that "cap and trade" schemes, which aim to price carbon on markets where it can be traded, will only let the fossil fuel industry to proceed with "business as usual." ( The Independent )
2009
Recently, the French government released its energy strategy report. France is following the lead of Denmark, Norway and Sweden with a proposed national carbon tax. The tax will affect all sectors that are not part of existing emissions trading programs. The carbon tax plan is a step towards the goal of a 25% reduction in France's emissions by 2050. ( Reuters )
James Hansen argues that the cap-and-trade approach will fail to reduce greenhouse gas emissions and instead will most likely lead to "political trading" and "obfuscation". A cape-and-trade system in addition could lead to speculative bubbles. This article favors a carbon tax with a full dividend distribution to the public as the appropriate tool to stimulate innovation and increase performance within the energy industry. ( YaleGlobal )
2008
Proponents of the cap-and-trade system argue that capping carbon emissions reduces output and in turn decreases global warming. But, by turning carbon emissions into tradable commodities, the cap-and-trade system removes the negative "stigma" associated with producing such emissions. The system suggests that one can produce carbon emissions as long as one pays to "neutralize" the carbon footprint. Further, this Christian Science Monitor article says, the system has not reduced global warming. Carbon emissions in Europe rose by 0.8 percent, after the first year of the EU's cap-and-trade system.
In 2005, the EU established a market-based system to cut carbon emissions that allows companies to buy and sell carbon emission permits. But, environmentalists argue that European governments have provided too many permits to certain polluters. And, evidence from the European Environment Agency suggests that carbon emissions from participating industries rose by 0.7 percent in 2007. The US is likely to experience many of the same challenges faced by the EU because US policymakers have proposed a weak cap-and-trade system. ( New York Times )
In his book – Plan B 3.0 – the President of the Earth Policy Institute Lester Brown outlines "an all-out response proportionate to the threat that global warming presents to our future." One element of Brown's plan involves a "worldwide carbon tax," modeled after cigarette taxes. This article points out that Brown's proposals make use of existing technologies, suggesting that the "real battle over climate change is now political, not technological." ( Time )
2007
A panel of UN participants at the Climate Conference in Bali urged the implementation of carbon taxes to reduce global warming. They argue that such a tax would represent a fair system, allowing and encouraging all countries to share the burden of climate change. According to the panelists, the revenues from the tax should go to a Multilateral Adaptation Fund that will help countries deal with global warming. ( Canada Free Press )
At the UN climate conference in Bali, New York City Mayor Michael Bloomberg strongly advocated for carbon taxes rather than cap-and-trade schemes as a means to reduce carbon emissions. Bloomberg said carbon trading is "vulnerable to special interests, corruption, inefficiencies." A carbon tax would more directly and efficiently reduce carbon emissions that cause global warming, as well as provide the world's governments with funds to further improve the environment. ( Associated Press )
Former World Bank economist Joseph Stiglitz argues that all countries generating carbon emissions must pay the cost of reducing climate change. He suggests governments increase the use of trade sanctions to punish free riders, and that governments must use every single available instrument to stop global warming. The simplest and most effective tool argues Stiglitz, is a carbon tax, which would apply directly to the emitters and secure a fair system for both rich and poor countries. ( Guardian )
A carbon tax would force consumers to pay the real social and environmental cost of burning fuels and raise the incentives to invest in renewable energy sources. But the US Congress remains skeptical and has instead proposed to lower carbon emissions through cap-and-trade plans. The author of this Christian Science Monitor article argues that cap-and-trade schemes in other countries have been flawed and therefore the US should set a good example by taxing fossil fuels.
This BBC commentary calls for a tax on exports from wealthy countries – such as the US and Australia – that have refused to sign the Kyoto Protocol. The author argues that the tax would encourage these governments to "develop responsible climate policies" and could "redress the balance" of production costs between countries that pay for their CO2 emissions and those that "won't take climate change seriously."
An International Herald Tribune and France 24 poll found that the majority of US and European residents agreed that politicians were failing "to address the challenge of global warming." Respondents overwhelmingly supported a tax on industrial pollution and called for "responsibility for global warming to bear a financial consequence." Environmentalists hailed the results as a step forward in combating climate change, and urged governments to take action in response to public opinion.
2006
As the world's two largest greenhouse gas emitters, the US and China, still prove unwilling to join the Kyoto protocol by the second week of the November 2006 UN Climate Conference in Nairobi, French Prime Minister Dominique de Villepin suggests a new means of pressuring disinclined nations. Arguing that Europe must "use all its weight to stand up" to "environmental dumping," Villepin proposes a punitive carbon tax on imports from countries that refuse to commit themselves to emission targets after 2012. The French prime minister says he would like to study such a tax with his European partners, and that France will "make concrete proposals about how such a tax might work in the first quarter of 2007." ( Reuters )
Climate change will hit the poorest first and worst, and "divide rather than unite nations," this openDemocracy article argues. It thereby threatens both prosperity and security and in fact "is the most serious threat to humanity since the invention of nuclear weapons." Allowing the world economy to keep growing and avoiding catastrophic climate change requires a very rapid expansion of energy efficiency and use of renewables. With a relatively small carbon tax, "this will be easier than many think," and campaigners now need to leverage public awareness to concrete recommendations for government action.
2005
New Zealand has become the first country in the world to introduce a tax on carbon emissions. By making polluting energy sources such as coal and oil more expensive than cleaner ones, New Zealand intends to reduce its greenhouse gas emissions that contribute to global warming. The government says the new tax will also have a beneficial impact on the economy in the long run, as timely action will make it easier for New Zealand to comply with stricter norms in the future. ( Guardian )
2004
A paper from Policy Study Institute raises concerns that green taxes could affect lower income households disproportionately. However, the study remains positive towards green taxes, stating that governments can design tariffs or target compensation through state benefits to remediate negative social consequences. ( Guardian )
At the "Copenhagen Consensus" global economics conference, three prominent economists argue that a US carbon tax would be the most efficient means to decrease greenhouse gas emissions and curb climate change. ( Denver Post )
2003
European governments have adopted an energy taxation law aimed at reducing greenhouse gas emissions. However, this law exempts consumer petrol prices and, public and international air transport from the "energy tax." ( EU Politix )
Most luxury homes in Aspen, Colorado contain energy-guzzling amenities such as heated driveways and outdoor pools. In response, Pitkin County has implemented the world's stiffest tax on carbon emissions, rated at $340 per ton of carbon dioxide, as part of a plan to finance green projects in the region. ( Christian Science Monitor )
2002
The New Zealand government plans to introduce a tax of NZ$25 per ton of produced carbon dioxide by 2007, which will increase fuel costs for consumers. The new "carbon tax" will help the country meet its greenhouse gas emission targets under the Kyoto climate change agreement. ( Planet Ark )
2001
This OECD report analyses the use and effectiveness of environmentally related taxes in member counties. It also discuss problems to broader use of these taxes as well as potential solutions.
This article discusses the findings of the "Zedillo Report." The report stresses the need for a global system of taxation, based on the consumption of fossil fuels and on international currency transactions. It also suggest the creation of a new international tax organization and a global council. ( Africa Recovery )
The 15 EU governments have agreed to reopen talks on how to levy an EU-wide energy tax. The move was opposed by Britain who argued that the tax would undermine the competitiveness of European companies. ( Daily Mail )
The OECD is urging the removal of subsidies and introduction of green taxes "to prevent irreversible damage to our environment over the next 20 years". ( Environment News Service )
The Swedish Presidency has turned its attention to the issue of energy tax, which has been in deadlock at Council level over the last few Presidencies. ( Europe Information Service )
2000
The Irish government sets out a strategy to "decouple economic growth from the growth in greenhouse gas emissions" including the phasing-in of carbon taxes. ( Irish Times )
Even the CEO Annual of the Canadian National Post Business Magazine is calling for higher fuel taxes. Christian Zimmerman presents a variety of arguments for energy taxes, including the fact that economies with higher fuel taxes are less vulnerable to oil price ‘shocks'.
This policy brief warns that tax shifting from societal "goods" (ie. income and employment) to "bads" (ie. pollution and resource depletion) cannot serve as a substitute of strong regulations. ( Canadian Centre for Policy Alternatives )
The Royal Commission on Environmental Pollution wants a 60% cut in carbon dioxide emissions over the next 50 years. The Commission argues that government's proposals for an energy tax should be an intermediate stage in the introduction of a carbon tax. ( Chemical News & Intelligence )
"There may be a role for an energy tax but only as part of a wider package of environmental measures," reports the Irish Times . Greenhouse gas emissions need to be reduced, but with the least expense to national economies.
Germany's main opposition party, the CDU/CSU, has launched a campaign against the government's ecotax policy, alleging that revenue raised from this tax was not going contributions as promised. ( Ends Daily )
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Tuesday, February 9th, 2010
Not surprisingly, money is at the heart of the political debate now underway on climate policy, or at least its distribution within the economy. Whilst cap-and-trade is being portrayed as a taxation policy by some, other policy proposals are being presented as being without cost to families and households – both of course aim to reduce emissions. But there are no free lunches here and whichever way the issue is presented, there are costs and benefits involved.
For starters, underpinning any approach to emissions reduction is the emissions abatement curve, which plots the cost of emissions reduction against the scale of the reduction opportunity. A perfect approach to reducing emissions starts on the left hand side of the curve and progresses to the right, picking up all potential reductions before moving on. This results in the lowest overall cost to the economy for the required reduction. Cap-and-trade probably comes closest to this. At a given carbon price, the tradability of allowances means that, at least to the extent that market efficiency dictates, the next best emissions reduction project is executed somewhere in the economy. This drives a lowest cost outcome which also minimises the impact on the consumer.
But the way in which the consumer sees the impact may differ for different approaches.
Under cap-and-trade, with full auctioning of allowances, the immediate effect is that industry will attempt to pass on the cost of allowances and therefore the overall cost of goods and services rises throughout the economy. The extent of the rise for a particular product depends on the carbon footprint of its supply chain or the footprint of the marginal supplier. As a result, consumers also start to change their purchasing choices and the more carbon intense products lose market share or become less attractive to produce – either way they are forced out of the market. In return, the money collected by the government through the auctioning of the allowances is returned to the consumer through lower costs elsewhere, either directly (i. e. a legislated rebate), or indirectly as the economy adjusts to the overall change in money flow and the cost of some other service falls over time (e. g. state taxes).
Policies other than cap-and-trade also change the money flow, but their impact on the consumer may be different.
For example, government may choose to directly incentivise certain actions within the economy. Initially, money flows from government to the enterprise implementing the emission reduction and the consumer may not be impacted at all. But over time this money must be found through the fiscal process. This may result in additional taxation in some other part of the economy or a new charge on businesses or consumers. If the charge falls on business then this will ultimately be passed through to the consumer in the form of higher prices.
A second example could involve the imposition of some kind of standard or regulation. Although in some cases this is by the far the quickest and most direct method of achieveing a result, it nevertheless has a cost impact on the consumer. Eventually the affected businesses may raise prices to pay for the work required to meet the standard.
These types (i. e. not cap-and-trade) of policy approaches also tend to pick arbitrary points on the abatement curve and require their implementation, irrespective of whether there are lower cost reduction opportunities available in the economy. This means that the overall cost to the economy for a given level of reduction is increased, which in the end may mean a greater burden on the consumer. Whilst this impact may be very indirect and slow to materialise, it will neverthless be there.
No matter what the construction looks like at the outset, any net costs to reduce emissions must be borne by the economy. Eventually this will fall on the consumers through mechanisms such as increased prices or changes in taxation. But benefits can also accrue. New jobs may be created as a result of the efforts and other costs reduced, such as for energy. But the overall cost or benefit will be largely dictated by the abatement curve and the efficiency with which the policy instrument tackles it.
Wednesday, January 20th, 2010
Comments Off on But what will it all cost?
Late last year I participated in a webcast with MIT Professor Henry Jacoby. The subject was the cost of action on climate change – or more specifically the cost of cap-and-trade. Professor Jacoby leads the The MIT Joint Program on the Science and Policy of Global Change. From the perspective of the program, the question is no longer whether global warming is upon us. but how we can rise to its challenge. They are a world leader in this effort. Their many activities cohere around one strategy: science and policy have to work together. Shell is a sponsor of the program. Given that Massachusetts is well and truly back in the news today, it seems timely to post this video.
Wednesday, January 13th, 2010
Comments Off on A decade of change
For most of the decade just passed I have been involved in the subject of climate change at Shell. This is unusual in one respect in that jobs in Shell normally have a tenure of 3-5 years, but this hasn’t exactly been a “normal job”. In fact, the job I have today bears little resemblance to the one I took on in June 2001. At that time domestic legislation wasn’t on the agenda or was in its infancy, the Kyoto Protocol was stuggling for ratification and many companies and industry associations were detached from the issue or at best focussing on “voluntary actions” as the way forward.
The science agenda was also very different in 2001 – the conversation typically centred on 550 ppm, or double pre-industrial levels. This was probably more one of convenience than deep thought, but it also reflected a much lower perception of “climate sensitivity” than is currently proposed. As the science has become better understood over the last decade we have collectively shifted the goal posts. Now, it is easy to be heckled for even mentioning 550 ppm, although the recent Shell scenario work shows that such a target is already very challenging and is perhaps the best that we might actually achieve. 550 ppm is certainly better than a world heading towards 1000 ppm (the flip side of the more CO2 optimistic scenario), but nevertheless the discussion today is squarely focussed on 2 degrees Centigrade or something like 450 ppm. But just as we are becoming settled with that discussion, an even more ambitious 350 ppm objective, based on new thinking about impacts, is on the table for consideration – although with no clarity whatsoever as to how we might achieve it.
One activity I particularly look forward to every 8-10 months is attending the MIT Forum on the Science and Policy of Global Change. The forum is put on by the Joint Porgram of which Shell is one of the sponsors. Following the work done there over a number of years is a great way to get a perspective on the development of climate models and an appreciation of the increasing sophistication of the calculations behind them. The Joint Program is the source of one of my favourite climate science graphics. the wheel of fortune “Greenhouse Gamble “. It shows the uncertainty the world faces in terms of temperature rise – but even this has changed. In 2003 the “no policy” wheel still had a sizable wedge in the 1-3 degrees C range. This is now gone (reduced to a sliver) as the understanding of climate sensitivity has changed.
Externally, the biggest change has been the rise of carbon markets. I had barely settled into my new office in 2001 when a colleague dropped a copy of the European Emissions Trading System Draft Directive onto my desk and asked me for comments! So here we are today, nearly nine years later, with a global market of some 8 billion tonnes in 2009 (PointCarbon) at a value of nearly €100 billion. This is largely EU-ETS based, either directly or through the CDM. The nine years that have passed also illustrates, like the technologies I discussed in my last post, that big changes takes decades to find root, grow, mature and become mainstream. Although several new carbon markets will probably appear during the current decade, it may not be until the 2020’s that we truly see the real start of the big changes in the energy system that they can deliver. That will mean a 20-25 year journey from concept to something approaching mainstream.
This has also been a journey in Shell as well. In 2001 we were experimenting with our own internal emissions trading system, primarily to build understanding and gain acceptance of the idea across the company. At the same time we were in the process of hiring just one person to launch our Environmental Products trading unit, which in turn has gone from strength to strength as carbon markets have grown and our own exposure to carbon pricing has materialised. As early as 2002 we were advocates of an EU-ETS based on absolute targets and mandatory participation. This was in stark contrast to an EU industry position that was largely built around voluntary participation and relative (i. e. output based) targets. Compare that with the recent Copenhagen Communique which had some 900 companies globally signing on and organisations such as USCAP advocating an economy wide cap-and-trade approach in the USA.
In 2001 I was “climate change in Shell”. The job itself was just three years old and I was the second incumbent. Although there was some exploratory thinking on carbon capture and storage (CCS) and coal bed methane technologies taking place in our EP division, most of what the Group was doing emanated from the Corporate Centre where I was based. That is far from the story today. Activities relating to CO2 management permeate across all our businesses and at every level of the organisation. Hundreds of people are involved in CO2 based programmes ranging from CCS projects in Australia and Norway to CER origination in China. Rather than being a lone representative in the Corporate HSE team, I work in a dynamic Group CO2 team based in our Downstream Business, but with a second line of reporting to the CEO.
Such is the nature of this issue to a large oil and gas company today
Tuesday, December 15th, 2009
With the second week of Copenhagen now upon us and the days rapidly counting down to the conclusion of the summit, the true meaning of climate change politics is showing its hand – dinero. At issue are two things; how much should developed countries effectively compensate developing countries for past emissions by helping them adapt to the changing climate and how much should developed countries pay developing countries to get them to reduce future emissions. The first of these I find impossible to make any judgement on at all, in part because I struggle to understand just what such money might be spent on (save for the expatriation of residents of some island states now literally disappearing) and then how it might be divided so that the world gets meaningful benefit that is actually related to the issue at hand.
But the second issue is not quite as difficult, so I will venture an opinion on it. A view on this comes from considering the abatement curve (a chart of cost and volume for emission reduction activities, see below) for the potential emission reduction opportunities in developing countries.
The left side of the chart (A) shows a range of projects that give positive returns over time. They are largely energy efficiency plays in one form or another and are things we should be doing anyway at current energy prices, but we shy away from them for all sorts of reasons ranging from capital allocation to plain laziness. Such projects exist in every country (well perhaps not Denmark which seems to thrive on finding energy efficiency opportunities) and are found in every sector. They range from home insulation to excellence in operation of industrial facilities.
The right hand side of the abatement curve (C) features projects that really need a carbon price to deliver positive returns over time. The best example is carbon dioxide capture and storage (CCS), which can never be revenue positive without a carbon market. A number of renewable energy technologies will continue to need the additional revenue that a carbon market can deliver, at least for some years, as might advanced biofuels with their low carbon footprint and more distant technologies such as hydrogen.
Coming back to the issue at hand, money, the abatement curve offers a mechanism for judging just what type of help should be given to the rapidly developing economies (for the poorest countries help is desperately needed simply to provide energy in the first place, which is yet again another issue and arguably not one for a climate change conference). Energy efficiency projects should not really be funded by the developed economies given that they are attractive projects to do anyway. So the emphasis here needs to be on accelerating the uptake of such actions through loans, foreign investment and domestic policy initiatives.
But projects requiring a carbon price are different. A carbon price is an artificial construct, which effectively delivers actions that the economy would not otherwise take. This does impose a cost on the economy and it is this cost that could be borne for a period of time by the developed countries for developing country projects. With per capita incomes often a fraction of those in developed economies it is a big ask to expect a developing economy to do this itself. But as incomes rise there should also be an expectation that developing countries eventually implement their own carbon price policies.
Looking at a technology such as CCS, this would mean developed country cap-and-trade systems accepting credits from CCS projects in developing countries as well as providing some up-front capital for the early projects (depending on the cost of abatement and the prevailing cost of carbon). The story would be similar for some renewables. Possibly the simplest way to steer this is to focus the money flow to developing countries on the electricity sector only, with the aim of accelerating decarbonisation. This has a number of benefits; results are likely to be very tangible for questioning voters in developed economies (e. g. xx coal fired power stations in South Africa had CCS fitted this year), major project opportunities result for technology companies and it has limited impact on competitiveness concerns emanating from developed countries – i. e. there is little appetite to fund projects in developing economies which simply enhance their industrial competitiveness. All of this means that future offset mechanisms should be targeted on the electricity sector and not across all emission activities within a developing economy.
Finally, there is the major issue of forestry / deforestation (B). This will also require assistance from developed economies in that it is really about land and land has a value. Dictating how land should be used changes its value, so some compensation will be necessary in that area. This can come both through government-to-government deals and via the private sector using carbon markets.
As the debate in Copenhagen continues, there is some sense of this structure. Developing country NAMA (Nationally Appropriate Mitigation Actions) are broadly seen as A, although the AWG-LCA draft text does link the transfer of money with their implementation. The REDD discussion is of course B. Finally, there is the discussion about the carbon market mechanisms, but important technologies like CCS and Nuclear are hotly contested as being suitable, yet these are the two big low carbon electricity base-load technologies. A distinct focus on electricity in developing countries is also lacking.
So much remains to be done in just four days.
Thursday, December 3rd, 2009
As an Australian living in London and subject to the market forces that an emissions trading system brings to the economy, I watch with great interest as Australia wrestles with the Carbon Pollution Reduction Scheme (CPRS), or “cap-and-trade” by another name (or emissions trading by another).
Since Kevin Rudd became Prime Minister just days before the Bali UN Climate Change Conference in 2007, he has ratified the Kyoto Protocol and tabled legislation to introduce an economy wide cap-and-trade system. The legislation has passed through the House of Representatives but is now stuck in the Senate where the Rudd government does not have a working majority. Over recent weeks the government has been negotiating with the leading opposition party to try and find a workable consensus and deliver the bill before Copenhagen.
This week that failed spectacularly. The nature of the legislation has also split the conservative opposition, with the result that the parliamentary leader of the party was deposed by a one vote majority and the new leader, Tony Abbott, has now made it clear that no immediate deal will be done and as expected, the legislation has now been rejected by the Senate. This potentially paves the way for a double dissolution of parliament and what could truly be the world’s first “climate change” election, although the government has indicated that it will reintroduce the legislation in February after Copenhagen and the summer recess of parliament. Abbott has also been labelled by some media outlets as a “climate sceptic” .
Australia has seen a number of weather extremes in recent years. A prolonged drought has brought despair to much of the rural sector, water restrictions are now common in places such Adelaide, temperatures in Melbourne hit a record 47 degrees C last February, the list goes on. Whilst all or none of these may be related to a changing climate (and Australia is a country of climate extremes), there is little doubt that they have raised the awareness of the issues we may all face in the decades to come. Both party leaders now claim the ear of the public on the issue, with the government arguing that the majority of Australians want to see the country act on climate change and the opposition leader claiming that the majority of Australians are opposed to the cap-and-trade legislation. Contrast all this with the reality that, according to the International Energy Agency, Australia has the highest per capita emissions in the world (apart from a handful of countries with small populations and a particular concentration of industry). It is also a country with huge solar resources, significant wind opportunity, ample uranium and over the last few years a very aggressive development programme for carbon capture and storage.
Whilst there will doubtless be short term political winners and losers in Australia, the real issue here is that there may be significant impairment to the long term policy solution set for managing emissions – with cap-and-trade at the heart of it. In turn, the environment itself suffers as widespread policy action is weakened. The development of a global carbon market, built by linking together various national trading schemes, is arguably where the world needs to go. Energy pricing is global, so injecting a carbon price into the mix will, over time, deliver change at a global level. Whilst there are many ways of creating a carbon price, cap-and-trade is designed to do it through a market based approach at lowest cost to the economy – things that should be attractive to legislators in market based economies. It’s really that simple, although as Australia is showing, simple is not always as simple as it seems.
Friday, November 13th, 2009
This week I managed to stay a bit closer to home and met up for lunch with Dr. Myles Allen of the Department of Physics (Atmospheric, Oceanic and Planetary Physics) at the University of Oxford.
Although we have probably all understood the bit about the “area under the curve” when it comes to CO2 emissions, Myles and his team have brought a whole new dimension to the issue with a recent article in Nature. The core of the arguement is that simply emitting carbon dioxide slower will not address the issue of climate change unless it involves phasing out carbon dioxide emissions altogether, before we reach an upper limit of one trillion tonnes of carbon.
According to Myles the risk of exceeding the EU stated target of 2 degrees Celcius is primarily determined by the accumulation of carbon dioxide emissions over time, not by short-term emission rates. He has shown that total cumulative emissions of one trillion tonnes of carbon (1 Tt C, or 3,670 billion tonnes of carbon dioxide) over the entire ‘anthropocene’ period 1750-2500 causes a most likely peak warming of 2 degrees Celsius above pre-industrial temperatures. Of this budget, emissions to 2009 have already consumed approximately half (0.5 Tt C).
You can track the “progress” (hardly seems the right word for this) of global carbon emissions on his website. As of today 532 billion tonnes of the trillion tonne budget have been consumed. Extrapolating emission rates forward leads to the forecast that the trillionth tonne will be emitted sometime in the late first quarter of 2045 (although the website shows this moving forward all the time). All this means we have 468 billion tonnes left – which might sound alot, but carve that up amongst 200 countries with populations ranging form 1.4 billion down to a few thousand and it presents quite a problem.
The EU and the USA are already in the process of carving their bit out. Have a look in Waxman-Markey and add up the number of allowances to be issued into the US economy between 2012 and 2100 (from 2050 onwards one billion tonnes of CO2 per annum are allowed) and it comes to 50 billion tonnes of carbon (which doesn’t even account for the whole economy, but most of it). This represents nearly 11% of the total remaining carbon emissions for some 5% of the global population.
Whilst this is a huge reduction from current US emissions (which, according to the IEA, account for some 20% of global energy related CO2 emissions), it of course raises the difficult question of equity. Add to this the fact that US and EU economies will be able to emit more as they purchase offsets from other countries. This in turn raises the issue as to the nature of offsets. In order to keep this system whole all offsets should really only be sequestration based – i. e. a tonne stored away for every tonne emitted. That means forestry and carbon capture and storage and that’s all, although GHG destruction should probably also qualify. By 2050 of course we may also be talking about a tonne removed from the atmosphere, but that will still have to be sequestered somewhere as well. There is a certain irony here in that neither forestry nor CCS qualify as offsets under the EU-ETS today – in the case of forestry it is because the EU doesn’t want to allow it and in the case of CCS because the international community won’t allow it to qualify under the CDM.
Another aspect to all of this is that very long tails of low emissions can’t be allowed. Waxman-Markey does an excellent job of driving down US emissions to very low levels by 2050, but then has a billion tonnes of CO2 remaining indefinately, i. e. a very long tail. Over time that continues to accumulate which just adds to the problem. As I have noted in a previous posting. the last 20% is indeed problematic, but under a trillion tonne scenario it cannot be. As it will be extraordinarily difficult for an economy to get to zero emissions, the solution will doubtless be net zero emissions, which could mean sequestering a tonne of CO2 from the atmosphere for every tonne emitted, either by direct removal or by gasification of biomass to produce electricity with the resultant CO2 being stored.
This will indeed be a brave new world.
Friday, October 30th, 2009
After a short telephone interview yesterday, I was quoted in the Guardian newspaper today, but unfortunately completely out of context. Based on the interview, The Guardian chose to position Shell as opposing action in Copenhagen, which couldn’t be further from the truth. In fact the conversation was about the application of a floor price for the EU-ETS. You may be interested in my reply which I hope will be published on Monday.
In today’s article “Shell opposes moves to reform carbon trading”, you chose to open with the assertion that Royal Dutch Shell is opposing moves to overhaul Europe’s carbon trading scheme at the crucial climate change summit in Copenhagen in December. This statement is incorrect on several counts;
Copenhagen is not and will not be a forum for discussion on the detail of the EU Emissions Trading System (EU-ETS). Copenhagen is a United Nations Framework Convention on Climate Change (UNFCCC) meeting where we, along with many others, hope that our political leaders can agree a broad, workable framework within which nations and regions can seriously address the issue of climate change. The EU-ETS is one element of the domestic policy arrangements that the EU have put in place to meet their proposed goal of a 20% reduction in emissions by 2020, in comparison with 1990. Its structure and design is a domestic discussion, not a discussion for UNFCCC meetings, although elements of how it may link to other domestic approaches (such as that being developed in the USA) could possibly be discussed at the UNFCCC.
Shell, initially as almost a lone voice but now with others, has supported the EU emissions trading approach since the first draft Directive was circulated for consultation in 2001. In 2008, when the EU-ETS was overhauled as the EU Commission crafted Phase III of this legislation (to run from 2017-2020), Shell maintained its strong support for the development of the system. Whilst we have not agreed with every part of every article within the Directive, we have maintained the view that industry should engage in a constructive dialogue with the EU Commission on this legislation.
There are no moves to overhaul the EU-ETS as this has just been completed. The legislation was passed by the EU Parliament in December 2008 and was published in the Official Journal of the EU Parliament only four months ago.
However, the quote that you did include from me was correct. Shell does not support a floor price within the EU-ETS. This is a market based system and the market needs to be left to find the price that is required to deliver the necessary reductions to meet the clear environmental objective of the system. Today, as a result of the financial crisis and a consequent reduction in emissions across the EU due to lower industrial activity, the market is telling us that it can meet the 2020 20% reduction objective at a price of around EUR 15. We should respect this and allow the market to do its job. The lower price is coming at a time when EU consumers are tightening their belts so they may welcome this reduction in price, which feeds primarily into their cost of electricity.
We also note that there is no specific mechanism within the design of the EU-ETS to set a floor price. However, EU governments do auction allowances into the system so they could choose to set a reserve price at those auctions. But the majority of allowances are still provided free of charge to EU emitters and that practice will continue for three more years. By then, we may be seeing quite a different set of market conditions and even a different overall 2020 target, as the EU has a provision to shift this to 30% should it be a signatory to a new international agreement.
Senior Climate Change Adviser
Wednesday, October 7th, 2009
One of the less discussed and least used features of the Kyoto Protocol is the tradability of the Assigned Amount Unit or AAU. This is the instrument that national governments use for compliance and it functions in pretty much the same way as allowances do in a cap-and-trade system. If a Kyoto signatory country emitted 500 million tonnes CO2e in 1990 and agreed to a 10% reduction, then the UNFCCC would grant that country 5*(500-50)=2250 million AAUs for the period 2008-2012. The country can of course emit whatever it wants, so long as it can surrender sufficient AAUs or related units such as CERs from the CDM. The AAU is backed by a certain set of definitions that establish the measurement and reporting protocols for the emissions they represent.
One option open to a country is to buy from or sell AAUs to another country, depending on its overall position, i. e. in surplus or deficit. But the AAU can also transfer through other means. The EU-ETS is underpinned by the AAU, such that if an EU allowance was bought by a participant in a linked ETS, say the upcoming Australian system, then an AAU would quietly make its way from the EU account to the Australian one on the International Transaction Log (ITL) to keep everyone whole at the international level. Of course there is only one AAU backed ETS today and nobody is linked to it, so none of this has actually happened yet, but the principal is important to the long term goal of building a global carbon market.
I am in Bangkok this week at another round of UNFCCC talks in the lead-up to Copenhagen and one issue that has suddenly leapt out of the dark is the often ignored AAU. The US delegation has made the point that as they are not a signatory to the Kyoto Protocol and don’t intend to be, the AAU will not feature in the US view of a future agreement. By contrast, the Kyoto signatories whose (future) emissions trading systems are built around the AAU see this as the undermining of their hopes for a growing market. Other nations simply saw it as a brazen US attempt to tear up the Kyoto Protocol and said so in no uncertain terms – so the negotiations go on!
Despite this, the US delegation made it clear that they see linking to the EU-ETS (and others) as an important goal for the future. I for one can’t see this happening whilst the AAU is still part of the system, or at least part of some of the system. The problem is that there are a finite number of AAUs that represent the cap on those countries with targets on the basis of a certain measurement protocol. Typically, a national emissions trading system (cap-and-trade) is a cascade down into the economy of the AAU, but with a name change and revised legal definition on the way such that trading rules can be crafted for particular national circumstances. Nevertheless, there remains a one-to-one alignment between the two. When two trading systems are linked the AAUs move back and forth as described above. But if a US system were to link, trade between the two would be very limited. Certainly EU allowances could flow to the USA as this would be the same as retiring AAUs from that part of the system and just lowering the defined cap. But US allowances couldn’t flow back as this would bring unknown allowances into the system, raising the cap by the same amount. The exception would be if the US registry had a bank of AAUs from previous trades from the EU or if both recognised the same project mechanism and the US had a bank of these instead – but once the bank ran out that would be it, no more trade.
There are probably constructions around this, such as special recognition of US allowances (given that their cap is known and presumably agreed), but perversely the US is then effectively recognising AAUs within its system, which it didn’t want to do at the outset. The systems would also have to adopt the same definitions throughout, such that allowance arbitrage did not take place, which means that any change in the US system (and vice versa) at any point in time would have to be internationally ratified, which isn’t that different to recognising AAUs in the first place. The sensible thing to do is to back all the national targets with a single underpinning currency but this looks impossible from the discourse in Bangkok – for the US it would mean recognising some aspect of the Kyoto Protocol, which it just can’t do or for the Kyoto countries it would mean dismantling the Protocol, which is a non-starter for most participants.
A further casualty of an AAU free agreement could be a cap-and-trade approach for sectors such as shipping and aviation. The approaches described in my previous posting both rely on a carbon currency exisiting in the international agreement. The units are used as the basic building block of the shipping approach.
So, is the notion of a future global carbon market under threat? Perhaps not, but it will be quite a bit more difficult getting there given the current sentiment. The irony of the situation is that apparently some time back in 1997 it was the US delegation that invented the AAU in the first place.
Wednesday, September 30th, 2009
Late last week a significant development came from an equally significant slice of the global shipping community – support for action to reduce CO2 emissions from international shipping in the form of a global cap-and-trade system. International marine and aviation bunkers were excluded from the Kyoto Protocol, but if there is one thing I can be sure of seeing from Copenhagen is that this exclusion will no longer be the case. Shipping emissions will almost certainly be included and the shipping community will either grasp the opportunity to shape its future in terms of policy or it will have its future shaped for it by national governments and the UNFCCC.
The announcement comes in the form of a discussion document released by the British, Australian, Belgian, Norwegian and Swedish ship owners associations. The document clearly outlines the issue and challenges, spells out the advantages of a trading approach and then outlines two different constructions for a possible system. At this stage the document doesn’t discuss the scale of reductions, but I don’t think that is important right at this moment. Rather, the industry is taking a major step into the policy arena with a view to charting its own course foward (pun intended, sorry).
What really differentiates the two models in the document is the flow of money. In the “sectoral” approach, the industry pretty much creates its own allowances (although they originally come from the UNFCCC in the form of AAUs), auctions them, manages the revenue from the auctions and establishes registries and compliance mechanisms. Revenue management is not discussed in great detail, but it is clear that some portion is directed towards technology development. By contrast, the “distibuted” approach sees national governments being issued additonal AAUs to cover international marine bunkers (but only those governments with national targets also underpinned by AAUs) and the shipping market buying either CERs from developing country projects or AAUs from government auctions. The industry maintains its important role in the compliance process but has little control over the money flow. That rests largely with governments.
The flow of money is bound to be a divisive issue, with many shippers, as with big emitters in land based systems, arguing that they should be in control of the auction revenue raised. It is difficult not to be sympathetic with this, but the reality of our world is that governments control the money flow, not sectors or industry associations or even banks. This is almost certainly a subject for further postings.
I will certainly write more about shipping in the weeks ahead, but in the meantime I would recommend reading this document. The shipping community that put it together deserves a round of applause for taking on a difficult subject at a pivotal moment for the industry.
Wednesday, September 9th, 2009
Comments Off on A tectonic shift in Japan
A tectonic shift may be underway in Japan, but not of the sort normally associated with this country and its frequent earth tremors. Rather, a new era in climate politics may dawn as a result of the recent win by the DPJ in the national elections. This is because within the manifesto pledges of the DPJ sit two key policy choices, now (Monday September 7 th ) formally announced by incoming Prime Minister Yukio Hatoyama;
A commitment to reduce national emissions by 25% by 2020, relative to 1990 – this compares with the proposal by the LDP of an 8% reduction, one which was heavily criticised internationally as being insufficient support for the developed country contribution to an agreement in Copenhagen.
A commitment to implement a cap-and-trade system within the Japanese economy. Although the previous government had talked about this policy instrument, little progress was made in implementing it given the negative position that some business groups took towards it.
Whilst much domestic “nemawashi ” is still to take place, this shift could be critical for the success of an agreement in Copenhagen.
But Japan already finds itself an international leader in energy management, given the energy legacy inherited from the previous administration. However, the CO 2 story in Japan, whilst positive, has not delivered an overall drop in emissions. Whilst energy diversity and efficiency have been key policy objectives for many years now, absolute CO 2 emissions have risen by nearly 15% from 1990 (to 2006, IEA ). At the same time emissions in the EU-27 have fallen, but only slightly. Over the same time period CO 2 emissions in the USA have risen by just over 19%.
A big difference lies in the power sector, with Japanese power emissions staying at around 430 gms CO 2 per kWh over a 20 year period, but EU power emissions falling from over 430 gms per kWh to some 350 gms per kWh in the same period. This is due to the continuing rise of nuclear power in the EU, the influx of natural gas and the more recent aggressive build of renewables in countries such as Germany and Denmark. By contrast, Japan has seen emissions from coal grow by 45% over the same period, much of that in the power sector.
With a transport sector already one of the most CO 2 efficient in the world and an efficient manufacturing base, the power sector will become a particular area of focus. But efficiency alone is not going to deliver the necessary change, so fuel switching (i. e. more natural gas), renewables and international offsets will all play important roles.
The last item above will be critical to the strategy. But to be truly effective, the tougher target must be backed by an emissions trading system, which is also a preferred policy position of the DPJ. A Japanese emissions trading system, with very open access to international markets will allow the domestic target to be met but importantly will direct significant funding to developing countries.
Some quick numbers – let’s assume domestic emissions in 2017 are down to 1100 MT (with the Kyoto target met through CER and AAU purchases) and that the country can reduce this to 1000 MT by 2020 (i. e. a
20% reduction from 2006 to 2020). Therefore, meeting a 2020 target of 810 MT CO 2 (i. e. 25% lower than 1990) could mean the purchase of over 800 million tonnes of international credits from projects between 2017 and 2020.
Between Japan, the USA, the EU, Canada, Australia and New Zealand, six cap-and-trade systems could be buyers of some 10 billion tonnes of international reductions in the period 2017-2020, giving rise to not only a very large and liquid global carbon market but also an ability to fund very significant step changes in developing country emissions. In tandem, new avenues of supply would have to be rapidly developed, including a mechanism that supports some kind of sectoral crediting, although this will likely be more successful as an outgrowth of the CDM through the creative use of methodologies rather than an entirely new approach.
The announcements by the new government in Japan, if put into practice over the next three years, could have very far-reaching effects. Rather than facing the prospect of a lone EU-ETS struggling to hold the fort for this powerful market instrument, we instead head rapidly into the brave new world of a global carbon market.
EU ETS Country Profile - Slovakia
In the Slovak Republic, the UN Convention came into force on November 23, 1994. The Slovak Republic accepted all the commitments of the Convention. In accordance with accession of the Slovak Republic into the EU (2004, May, 1) appeared new requirements for implementation of legislation in air protection. The European Union considers the area of climate change for the one of the four environmental priorities.
The responsible institution for Kyoto targets implementation in Slovakia is Ministry of Environment in collaboration with Ministry of Economy.
Slovak Republic is eligible for ETS and JI emission trading models according Kyoto Protocol.
First National allocation plan (NAP) for the period 2005-2007 was prepared and approved during the year 2004 /2005. The biggest Slovak GHG producers annotated this document and some of them claimed against the proposed emission allowances for their companies. The main reason was the proposed reduction of initially proposed CO 2 allowances for SR from 30.5 mil tons CO 2 to 30.0 mil tons CO 2 per year. Finally the compromise solution was prepared and ETS came in to the force.
Since January 2006 were realised first trades between Slovak / Slovak and Slovak /International companies during the National register of CO 2 allowances which is operated by Dexia bank Slovakia. The average price for emission allowances in January 2006 was 22 Eur/t.
The first direct trade was realised on the Slovak commodity exchange at the end of December 2005 (1000 t CO 2 for 19.6 Eur/t).
Slovak companies used only 25 mil t CO 2 from 30.0 mil t CO 2 which were allocated for the year 2005. Therefore the average prices for CO 2 emission allowances are not good for the potential investors and sellers.
The second NAP for the period 2007-2012 is preparing by Ministry of Environment during these days. Slovak companies expect another reduction of CO 2 emission allowances.
One of the basic documents which was used for the first NAP preparation was the report “Air pollution in the Slovak Republic” 2003 prepared by Ministry of Environment. There are presented basic numbers and facts about the GGH production in SR.
The emissions of greenhouse gas in the Slovak Republic were estimated in accordance with the requirements of UNFCCC and the Kyoto Protocol. The values listed in Tables are updated annually if information provided in the Statistical yearbook of the Slovak Republic is revised and/or if methodology is changed. Emissions were estimated in compliance with the methods provided in IPCC Guidelines and Good Practice Guidance (GPG).
Total anthropogenic emissions of greenhouse gases in the Slovak Republic [CO 2 equivalent (Tg)]
CO 2 emissions in 2002
A most important anthropogenic source of CO 2 emissions in the atmosphere is combustion and transformation of fossil fuels, which account for about 95 % of the total CO 2 emissions in the SR. In addition, carbon dioxide arises during technological processes during the production of cement, lime, magnesite and using of limestone. The balance includes also the production of coke, iron and steel, as well as CO 2 emissions arising during aluminium and ammonia production. Emission factors, estimated on the carbon content in fuels, were used. Carbon dioxide enters the atmosphere via the conversion of grasslands and forest areas into agricultural land, and forest fires.
These are the emissions of greenhouse gases recalculated via GWP100 (Global Warming Potential) on the CO 2 equivalent. Expressed as the CO 2 equivalent, carbon dioxide emissions contributed in 2002 by 83 % to the total emissions, CH 4 emissions by about 10 %, N 2 O emissions by about 7 % and the contribution of “F-gases” is below 1 %.
Aggregated emissions of greenhouse gases, 1990-2002
Emissions, as they were appointed to April 15, 2004
Aggregated emissions of greenhouse gases in 2002
The national energy system
One the main factors of economic evaluation is energy intensity, defined as the hare of total primary consumption per gross domestic product unit. This value has been reduced since establishment of Slovak Republic. But in comparison with the average of EU15 countries, it is still 2.3 higher in purchase parity. The reasons are mainly low productivity in comparison to EU15 countries, as well as the high share of industry in GDP output and the high share of industrial sectors with energy requirements.
Industry dominates in the consumption of all kinds of energy, and household consumption is low in comparison with developed countries. The energy sector is considerably influenced by natural conditions and above all by its historical, social and economical development, mainly in the inherited and unsuitable structure of the economy with high requirements for raw materials, energy and natural resources.
Characteristic numbers for Energy sector in Slovakia
Solid fuels – 19,5 % of consumption (brown coal); rest – imported from CEEC and Russia
Gaseous fuels – 3,8 % of consumption; rest – import from Russia ; transit for Central and Western Europe
Liquid fuels – 1,45 % of consumption; rest – import from Russia. transit for Czech Republic
Import dependency of Slovakia 90%
High percentage of country gasification 87%
Share of primary fuels utilization in the Slovak Republic
discretions and duties of market actors
duties of state organisations
supervising discretions of state organisations
The Slovakian National Allocation Plan (NAP)
The National Allocation Plan was prepared in the period of November 2003 - June 2004 and during its preparation the Communication from the Commission on guidance for the implementation of criteria in the document COM (2003) 0830 was taken into consideration. The Plan briefly introduces the method of allocation of total quantity allowances, allowances for individual installations, reserve for new entrants, way of dealing with specific criteria and a list of installations to which the Directive provisions are applied, with allowances for individual installations for 2005-2007.
A reduction commitment for Slovakia for the 2008-2012 period is defined in the Annex B to the Kyoto Protocol as a five-multiple of 92% of total national greenhouse gas emissions in 1990 (reduction commitment -8%). The strategy of meeting the Kyoto Protocol commitments in Slovakia reduces a total quantity for the Kyoto period by further 5%. This amount of 5% will not be however proportionally transferred to all sectors.
Installations taking part in the scheme according to the Directive 2003/87/EC had average share in national emissions 52.3% in 2000-2002 (total emissions from installations in the scheme were 26,287.02 kilotonnes of CO 2 in 2000, 26,589.72 kilotonnes of CO 2 in 2001 and 26,690 kilotonnes of CO 2 in 2002). If this share is maintained, maximal quantity which is possible to allocate in the scheme, will be:
67,800 kt of CO 2 eqv. x 0.523 = 35,459.4 kt of CO 2 eqv.
Total quantity of allowances allocated for the 2005-2007 period is 104,257,575 tonnes of carbon dioxide. Allowances will be allocated annually, free of charge, always one third of a given quantity. Reserve for new entrants is 2,120.625 kilotonnes.
Therefore total annual allowances for the period 2005-2007 were allocated on 34,75 mil Tonnes CO.
The final negotiation process (December 2005) with the EC finalized the total annual quantity of CO 2 allowances on 30 mil tonnes CO 2 . Preliminary data which were summarized from year 2005 (first year of ETS application) are showing that about 5 mil. tonnes CO 2 were not spent. Therefore reduction of emission allowances allocated for the next period (2008-2012 – 2nd NAP) is expected.
Slovak Ministry of Environment prepared the Second NAP for the deadline set on 30th June 2006.
Initially, Slovakia was not satisfied with the allocation for the Kyoto period allocated by the EU. Therefore the Ministry of Environment opposed the allocation, as it believed that drastic decreasing of allocation could harm the Slovak economy and industry in particular.
However, the NAP2 was agreed in early 2008 and allocations distributed among NAP2 participants for comments and discussion.
Increasing CO 2 emissions and GDP growth is not linear, with GDP growing faster than emissions. It is in the interest of Slovakia to keep and further increase this trend. One of the reasons for non-linear growth of GDP and emissions is the decreasing carbon intensity of the Slovak economy, mostly due to an increasing share of services on GDP generation, partial reconstruction of industry, increasing energy efficiency and modernisation of technologies.
Annual Growth of GDP (HDP) and CO 2 emissions in Slovakia
For the Kyoto period, total amount of emissions for NAP2 participants was set on the basis of comparison of average share of emissions generated by NAP participants projected for 2008-2012 and amount of total projected GHG emissions in the same period.
Due to step-by-step decomissioning of two nuclear power blocks (first 440 MW block by the end of 20006 and second 440 MW block by the end of 2008) and increase of energy consumption in line with GDP growth, the structure of primary energy sources is significantly changing towards fossil fuels. As a result, share of NAP2 participants on the overall emissions is increasing. The increasing NAP2 participants' share is caused as well by higher utilisation of existing capacities, widening of scope of monitored emission sources in line with EU directives and due to construction of new sources fired by natural gas or coal.
In percentage terms, share of NAP2 participants on the overall emissions is changing from 51,63% in 2005 to 65,99% for the period 2008–2012.
Maximum amount of emissions respecting the Kyoto comitment of Slovakia, with 66% share of sources involved in ETS on the overal emissions, would be 44 555 236 tons of CO 2 eqv. annually.
This amount however does not correspond to the scenario of emissions development including measures, according to which the average annual amount of CO 2 emissions emited by the ETS members is on the level of 41 261 156 tons of CO 2 eqv. annually.
This means, that overall levels of quotas in the scheme is about 3 294 080 t CO 2 eqv lower that limit set by the Kyoto commitment of Slovakia.
Quotas are allocated free of charge.
Law on emissions trading No. 572/2004, besides the ETS directive transposition, has established as well the obligatory CO 2 emissions trading scheme for energy sources with capacity 10–20 MW and for other sources, which are under the capacity limit set in annex I of the directive. This Kyoto regime is going to be implemented since 2008. Besides obligatory sources, whatever source emiting CO 2 and fulfilling conditions for monitoring can be included into the scheme on the voluntary basis.
The strategy of Slovakia for fulfilling the Kyoto commitments sets as priority the flexible mechanism of emissions trading. However, Slovakia still can take part in JI (or in future as well in CDM) as donor or host country for projects which do not have impact on the sources within the scheme (energy projects).
According to current emission projections, fulfillment of Kyoto commitment in Slovakia will not require any specific (targeted specifically to GHG emissions reduction) additional measures.
The National Allocation Plan of the Slovak Republic distributes allowances directly among individual installations without defining sectoral ceilings, because some sectors are represented by small number of installations (1 to 7). In allocating emission allowances the following algorithm was used:
(1) Installations notify their greenhouse gas emissions since 1990 or, if they started to emit them later, since the year following the year of putting into operation. The year of putting into operation is not taken into account since the installation was not operated for the entire year.
(2) Installations with CO 2 emissions in the last year exceeding 0.5% of the national CO 2 emissions in a given year will receive allowance on the basis of individual negotiations with the Ministry of the Environment (group A).
(3) Installations with CO 2 emissions in the last year not exceeding 0.5% of the national CO 2 emissions in a given year will receive allowance according to sectorally specific formula (group B).
Installations of the group A were divided to individual sectors (A1 to A7). During individual negotiations, enterprises submitted development of emissions since 1990, method of calculation (preferentially according to the draft Commission Decision on a Directive on monitoring greenhouse gases emissions and on reporting these emissions in accordance with the Directive 2003/87/EC ), planned future development and its starting points and expected reasoned CO 2 emissions for the 2005 – 2007 period. Allowances were allocated for the installations after assessing these backgrounds and possible specifications. More detailed information concerning individual groups of installations is given below.
A1 Thermal energy: This group includes installations providing heat for inhabitants and the public sector (hospitals, schools, public buildings). These installations do not take part in economic competition and are dependent on requirements for heat supply, which is considerably dependent on weather. Quantity of allowances has been set as a triple of 90% of the average emissions value since 1990, or since the first year of operation.
This category includes five heating plants:
Tepláreň Košice a. s (Heating plant Kosice)
Comment: Heating plant Kosice would like to use as a effective and emission friendly source of heat geothermal source. Due to technical and financial barriers had to be start point of this project postponed.
Martinská teplárenská a. s . (Heating plant Martin)
Zvolenská teplárenská, a. s . (Heating plant Zvolen)
These heating plants prepared separate projects for emissions reductions. They would like to implement a new cofiring technology (lignite + biomass)
Paroplynový Cyklus a. s. Bratislava (CHP plant): A new source which is using natural gas.
Žilinská teplárenská a. s . (Heating plant Zilina)
Heating plant Zilina is implementing project for desulphurization of boilers. The project is supported from EU Cohesion found.
A2 Production of electric and thermal energy: This category includes Slovenské elektrárne (Slovak Electricity company) which is the major supplier of electric energy in the Slovak Republic, Slovenská paroplynová spoločnosť (Slovak Steam-Gas Company) in Ružomberok as a supplier for the industrial sector (primarily for paper and pulp production) and Energetika s. r.o. in Strážske supplying energy for the chemical production sector and partially for inhabitants. Calculation of CO 2 emissions from energy production was determined by data on fuel consumption re-calculated through heat capacity and emission factor. Emission allowances for 2005 – 2007 have been calculated as multiple of planned energy production (MWh) and amount of CO 2 emissions for product unit.
Planned production of Slovenské elektrárne takes into consideration the decommissioning of one block in the nuclear power plant Jaslovské Bohunice and reduction of installed output in the Nováky power plant (brown coal combustion) and in the Vojany power plant (I, II) by 700 MWe together. This decrease will have to be substituted by higher output in remaining installations. Company Slovenské elektrárne would like to realize project for cofiring (lignite + biomass) in the Novaky power plant.
Allocation of allowances for Slovenská paroplynová spoločnosť in Ružomberok and Energetika s. r.o. Strážske was determined by planned supplies for operations as main purchasers and planned heat supply for inhabitants. Slovenská paroplynová spoločnosť plans to realized project focused on the installation of big capacity biomass boilers.
A3 Cement plants and lime works: This category contains eight enterprises. Calculation of CO 2 emissions was worked out according to the document ”The Cement CO 2 Protocol: CO 2 Emissions Monitoring and Reporting Protocol for the European Emission Reduction and Trying System“ (WBCSDB). The emission factor expressed as CO 2 quantity per production unit has been considerably reduced in all enterprises since 1990. Allowances for 2005 – 2007 have been calculated from values of planned production in individual enterprises.
Slovenské magnezitové závody, a. s. Jelšava (magnesite plant)
Carmeuse Slovakia s. r.o. Košice
Carmeuse Slovakia s. r.o. závod Slavec
Považská cementáreň a. s. Ladce (cement plant)
Cemmac a. s. Horné Sŕnie
SLOVMAG, a. s. Lubeník
Východoslovenské stavebné hmoty a. s. (building materials)
A4 Transport of gas: This category includes four operations of Slovenský plynárenský priemysel (SPP - Slovak Gas Company)
SPP a. s. Závod 03 Veľké Zlievce
SPP a. s. Závod 01 Veľké Kapušany
SPP a. s. Závod 04 Ivanka pri Nitre
SPP a. s. Závod 02 Jablonov nad Turňou
Gas consumption in turbines, which are used to produce compress work instead of electric engines, has been taken into account when allocating allowances for individual operations.
A5 Production and processing of ferrous metals: This category includes within the framework of large sources the U. S. Steel joint-stock company. In allocating allowances for U. S. Steel the following operations were taken into consideration: agglomeration, cokery, iron production, steel plant, rolling mill, energy sector. Emissions have been calculated for all operations in accordance with the Decree of the Ministry of the Environment of the Slovak Republic 408/2003 on monitoring of emissions and quality of air and with the guidelines in the European Commission Decision 2901/2004. Content of carbon in raw materials has been set through measuring by an accredited testing laboratory. Emissions since 1990 to 2003 have been found out in this way. Due to complexity of production processes it is not possible to clearly identify the unambiguous relation between amount of emissions from individual production operations and unit amount of produced steel. Therefor, the average of CO 2 emissions from individual operations has been used as a basis, excluding three years with the lowest emissions in order to exclude anomalies during transformation of economy and other technical factors without clear dependence on production amount. This cumulative average has been used for calculation of emission amount corresponding to the planned volume of production in the 2005-2007 period.
A6 Production of paper and pulp: Achieved reduction of the emission factor, reconstruction of facilities, composition of raw materials (share of waste paper) and expected volume of production for the following two enterprises have been taken into account:
KAPPA Štúrovo a. s.
Bukocel a. s. Hencovce
A7 Chemical production, refinery: This category includes three installations:
Slovnaft a. s. Bratislava – energy sector
Slovnaft a. s. Bratislava – refinería
CHEMES, a. s. Humenné
New environmental requirements for quality of engine fuels and shorter working hours in new production units EFPA in the 2000 – 2002 period have considerable impact on CO 2 emissions in the Slovnaft refinery for the 2005-2007 period compared to the 2000 – 2002 period. Diesel fuels produced in 2000 – 2001 contained 0.035% of sulphur. Desulphurisation of larger part of produced diesel fuels increases in 2004 carbon dioxide emissions and desulphurisation of the total diesel fuels production after 2005 will further increase energy intensity and thus carbon dioxide emissions (CO 2 emissions from hydrogen production). Balanced fuel consumption according to the 2000 – 2002 period was taken into account in the case of energy part of operations.
Altogether 89,326.57 kilotonnes of CO 2 have been allocated for all installations in the A.1 to A.7 categories, which is 86% of all allocated allowances (without reserve for new entrants).
Installations of the group B providing inhabitants and the public sector (hospitals, museums, schools, etc.) with heat – group B.1
These installations do not take part in economic competition and are dependent on heat supply, which is considerably dependent on weather. If the installed output of this group were fully used (at real use of working hours, i. e. 45% of time), total CO 2 emissions would be approximately 3,200 kilotonnes per year. In fact, the installations in the group B.1 received 2,033.079 tonnes of CO 2 per year. Quantity of allowances was identified in the following way:
& Gt; average emissions since 1990 (incl.) till 2002 is calculated [Average]
& Gt; allowance [Q] as 90% of average is calculated
& Gt; if Q is lower than emissions in 2002, allowance will be the same as emissions in 2002 multiplied by the coefficient according to growth of number of flats (0.4%) for each year
& Gt; & gt; 2005: 1.004 3=1.012
& Gt; & gt; 2006: 1.004 4=1.016
& Gt; & gt; 2007: 1.004 5=1.020
Other installations in the group B were divided into the sectors
B.2 Food processing
B.3 Machinery
B.4 Chemistry
B.5 Pulp and paper
B.6 Metallurgy
B.7 Mineral industry
B.8 Textile
B.9 Miscellaneous
Research and Development Priorities
State supporting programmes
Slovak government prepared and approved strategic framework document “Conception of state science and technological policy”. This document presents 3 main supporting models and systems. Coordinator of state supported R and D activities under this conception is Slovak Ministry of Education.
State programmes R and D:
Target group: states, public and private organizations and companies. (Universities, R and D Centers, producers of technologies, agencies, state organizations …)
Aim (from the point of view of Tat W project): “Utilization of the progressive tools and instruments in energy production”. (more info on: www. veda-technika. sk )
State orders for R and D.
Target group: states organizations, universities
R and D task initiated by applicants or customers (free topics)
International supporting programmes
RTD Framework programmes:
Slovak participation in the projects of the Fifth Framework Programme (FP5) was focused mainly on energy, environment and sustainable development specific programme.
68 Slovak partners were involved.
19 Slovak partners participated on the projects under the B part ( Energy)
Slovak organizations are also participating in the FP6 projects.
27 projects were approved with 30 Slovak partners under priority 6 (Climate change, energy, transport)
Structural funds:
Priority – “Growth of competitiveness of industry and services using domestic growth potential”
This priority is aimed at tackling problems in the development of existing forward-looking enterprises and development of new enterprises, improvement of their competitiveness within the EU economy and single market and adaptation of businesses in conditions of international labour division and by stimulating direct investments and by promoting trade, information and communications technologies, and e-commerce.
Achieving these conditions should lead to a decrease of raw materials, energy and import consumption of businesses, a lowering of their energy costs and so production costs, an increase in added value share, direct investment mobilisation, and an improvement in the quality of management and particular services.
Fulfilment will also be assisted by improved mobilisation of innovative, development and research capacities, involvement of SMEs in innovative business and development of flexible staff-training infrastructures.
Implementation of these priorities depends mainly on:
linking the development of industry, tourism and trade to research and innovations, using especially the potential of information technologies, and multiplier effects from FDI within the wider eceonomy
modernisation, microeconomic adaptation and stimulation of enterprise and services development (modernization of productive technologies, appliances, products, etc.)
development of training, higher workforce adaptability, management capacity, and entrepreneurial spirit
increase in labour mobility and its entrepreneurial activities
increased utilisation of renewable and secondary energy sources, reduction in energy consumption and use of potential energy savings, reduction of energy costs
development of sectors based on advanced technologies and renewable sources
improvement of water and air protection, restoration of environmental zones in production spheres, adequate waste management and removal of old ecological burdens to approximate to the EU standards
Another goal of the priority is the use of potential energy saving in industry and services relating to it and the reduction of energy consumption, which could practically help long-term sustainable development and economic growth in all areas of economic activity. This priority will also help increase the use of renewable energy sources, construction of small hydroelectric power stations, and use of solar, wind and geothermal energy. In terms of restrictions to the building of industrial zones on green-field sites, it is necessary to concentrate attention on the revitalisation of regions and buildings of obsolete industries and other activities so as not to destroy them, but make further development possible.
Contribution of research & development to growth in competitiveness of industry and services should be reflected in a higher rate of innovation in Slovak economy and higher share of hi-tech based businesses.
In the sphere of services and trade, the priority should primarily contribute to levelling the gap with the EU-15 and to further enhance contribution of trade to GDP formation and employment.
Priority: Improvement and development of the infrastructure for the protection of air
The measure is to contribute to reduction of air pollution, in particular by solid pollutants and sulphur dioxide, as well as to the reduction of greenhouse gas emissions. The measure is also designed to improve the air quality in population centres by introducing technology that reduces air pollution, as well as by introducing low-emission technology in various areas of production.
The measure’s implementation shall be based on the following activities:
change fuel base of energy resources, with focus on low-emission and renewable resources;
installation of technology to reduce release of air emissions including monitoring
Objective
The object of this measure is in particular to reduce the emissions of primary air pollutants (SO 2 . NO X . CO, C X H Y . solid emissions), and heavy metals, meet the obligations resulting from Kyoto Treaty in the area of emission reductions of greenhouses gases, use of environmentally favorable fuels and energy resources, and support the more intensive use of renewable energy resources and efficient use of non-renewable energy resources.
Final beneficiaries
Regional self-government, local self-government (municipalities and towns) and their associations, state administration, business entities
Links to Relevant Websites
The federal Council The portal of the Swiss government
641.711
Ordinance for the Reduction of CO 2 Emissions
Art. 1
1 This Ordinance regulates the reduction of the emission of the following greenhouse gases:
a. Carbon dioxide (CO 2 ); segundo. Methane (CH 4 ); do. Nitrous oxide (N 2 O); re. Hydrofluorocarbons (HFCs); mi. Perfluorocarbons (PFCs); F. Sulphur hexafluoride (SF 6 ); gramo. Nitrogen trifluoride (NF 3 ).
2 The warming effect of greenhouse gases on the climate is converted into the equivalent quantity of CO 2 (CO 2 eq). The values are listed in Annex 1.
Art. 2
In this Ordinance:
a. Passenger cars means passenger cars in accordance with Article 11 paragraph 2 letter a of the Ordinance of 19 June 1995 1 on Technical Requirements for Road Vehicles (VTS), for which the status on the definite date of authorisation for circulation is decisive; the following are not deemed passenger cars: 1. armoured vehicles in accordance with Appendix 2 to Annex XI of Directive 2007/46/EG 2. and 2. vehicles with approved places for wheelchairs for disabled persons; segundo. Companies means operators of fixed installations at a site; do. Rated thermal input means the maximum possible supply of heating energy per unit of time for a fixed installation; re. Total rated thermal input means the sum of the rated thermal inputs of a company's fixed installations that are taken into account in the emissions trading scheme; mi. Total output means the sum of the delivered electrical and thermal nominal output of a fossil-thermal power plant; F. Overall efficiency means the ratio of total output to the rated thermal input of a fossil-thermal power plant in accordance with the manufacturer's specifications.
1 SR 741.41 2 Directive 2007/46/EC of the European Parliament and of the Council of 5 September 2007 establishing a framework for the approval of motor vehicles and their trailers, and of systems, components and separate technical units intended for such vehicles (Framework Directive), ABl. L 263 of 9.10.2007, p. 1; last amended by Ordinance (EU) Nr. 678/2011, ABl. L 185 of 15.7.2011, p. 30.
Art. 3
1 The interim targets for 2017 are:
a. for the building sector: no more than 78 percent of 1990 emissions; segundo. for the traffic sector: no more than 100 percent of 1990 emissions; do. for the industry sector: no more than 93 percent of 1990 emissions.
2 If a sector-specific interim target listed in paragraph 1 is not achieved, then the Federal Department of the Environment, Transport, Energy and Communications (DETEC), after hearing the cantons and affected parties, shall request the Federal Council for additional measures.
Art. 4 Eligible emission reductions achieved for projects abroad 1
1 Emission reductions achieved abroad may only be counted by companies and persons authorised by this Ordinance.
2 Emission reductions achieved abroad may be counted if:
a. they are attested to by an emission-reduction certificate of the United Nations Framework Convention on Climate Change (UNFCCC) of 9 May 1992 2 ; and b. Annex 2 does not preclude their being counted.
Art. 4 a 1 Letters of approval for projects
1 Companies or persons wishing to obtain emission-reduction certificates for an emission-reduction project abroad can apply to the Federal Office for the Environment (FOEN) for the necessary letter of approval in accordance with the rules of Article 6 paragraph 3 or Article 12 paragraph 5 of the Kyoto Protocol of 11 December 1997 2 to the United Nations Framework Convention on Climate Change (Kyoto Protocol).
2 The FOEN issues a letter of approval if the requirements of Article 4 paragraph 2 letter b are met.
Art. 5 Requirements
1 Attestations for emission reductions from domestic projects and programmes are issued if:
a. Annex 3 does not preclude them; segundo. the project or programme's planned component activities: 1. would not be economically feasible without revenues from the sale of the attestations, 2. meet(s) at least the current state of the art, and 3. provide(s) for measures that lead to an increase in emission reductions as measured against the reference scenario defined in Article 6 paragraph 2 letter d; do. the emission reductions: 1. are verifiable and quantifiable, 2. were not achieved by a company participating in the Emissions Trading Scheme (ETS), and 3. were not achieved by a company with a reduction commitment; attestations in accordance with this Section however can be issued for emission reductions that are achieved by a company with an emissions target under Article 67, but are not included in the emissions target; and d. the beginning of the implementation of the project or programme does not predate the submission of an application in accordance with Article 7 by more than three months.
2 The time when the applicant makes a significant financial commitment to a third party or itself takes organisational measures relevant to the project or programme is deemed the beginning of implementation.
Art. 5 a Programmes
1 Planned component activities can be grouped together into one programme if:
a. they have a common purpose in addition to reducing emissions; segundo. they apply one of the specified technologies in the programme description; do. they fulfil the inclusion criteria specified in the programme description, which guarantee that the planned component activities meet the requirements of Article 5; and d. implementation has not yet begun.
2 Planned component activities can be included in existing programmes if they meet the conditions of paragraph 1 and had already been demonstrably registered in the programme before the inclusion.
Art. 6 Validation of projects and programmes
1 Companies or persons wishing to apply for attestations for an emission-reduction project or programme must have it validated at their own expense by a validator approved by the FOEN.
2 A description of the project or programme is to be submitted to the validator. This must include information about:
a. the measures for reducing emissions; segundo. the technologies applied; do. the delimitation from other climate and energy policy instruments; re. the hypothetical progression of greenhouse gas emissions if the emission-reducing measures of the project or programme were not implemented (reference scenario); mi. total expected annual emission reductions and the underlying calculation method; F. the organisation of the project or programme; gramo. the anticipated investment and operating costs and expected revenues; marido. the financing; yo. the monitoring plan, in which the start date of the monitoring is defined and the methods for accounting for emission reductions are described; j. the duration of the project or programme; k. for programmes, in addition: the purpose, the criteria for the inclusion of planned component activities in the programme, the administration of the planned component activities as well as an example of a planned component activity per specified technology.
3 For the validation the validator examines the information specified in paragraph 2 and whether the project meets the requirements of Article 5 or the programme meets the requirements of Articles 5 and 5 a respectively.
4 It summarizes the results of the examination in a validation report.
Art. 7 Application for the issuance of attestations
1 An application for the issuance of attestations must be submitted to the FOEN. It must include the project or programme description and the validation report.
2 The FOEN may request additional information from the applicant if required for evaluating the application.
Art. 8 Decisions about the qualification of a project or programme
1 The FOEN decides whether a project or programme qualifies for issuance of attestations on the basis of the application.
2 The decision is valid for seven years from the start of the implementation of the project or programme (crediting period).
3 No attestations are issued for planned component activities of programmes if:
a. a change in applicable legal provisions results in emission-reduction measures that must be implemented during the crediting period; segundo. the issuance of attestations is for claimed emission reductions attributable to the implementation of measures described in letter a; and c. implementation of the planned component activities had started after the coming into force of the change in legal provisions.
Art. 8 a Extension of the crediting period
1 The crediting period is extended for successive three-year periods if the applicant has the project or programme revalidated and submits an application for extension to the FOEN no later than six months before the end of the crediting period.
2 The FOEN approves the extension if the requirements referred to in Articles 5 and 5 a are still met.
Art. 9 Monitoring report and verification of the monitoring report
1 The applicant collects all the required data in accordance with the monitoring plan and records them in a monitoring report.
2 The applicant has the monitoring report verified at its own expense by a FOEN-approved verifier. The verification may not be done by the same entity that has validated the project or programme.
3 The verifier examines whether the accounted-for emission reductions meet the requirements of Article 5. For programmes it also examines whether the planned component activities meet the inclusion criteria of Article 5 a paragraph 1 letter c. It can limit the verification to a single representative planned component activity.
4 The verifier records the results of the verification in a verification report.
5 The first monitoring report and the accompanying verification report must be submitted to the FOEN within six months after the end of the year following the beginning of monitoring. Subsequent monitoring and verification reports are to be submitted at least every three years. The emission reductions are to be disclosed per calendar year.
Art. 10 Issuance of attestations
1 The FOEN decides whether to issue attestations on the basis of the monitoring report and the corresponding verification report.
2 Attestations for projects are issued for the extent to which emission reductions have demonstrably been achieved up to the end of the crediting period.
3 Attestations for programmes are issued for the extent to which emission reductions have demonstrably been achieved for no longer than ten years after the end of the programme's crediting period, if the relevant planned component activity has been started during the crediting period.
4 Emission reductions that are attributable to non-refundable payments from the Confederation, cantons or communes for promoting renewable energies, energy efficiency or climate protection are only attested to the applicant if it proves that the responsible public bodies have not otherwise claimed the emission reductions. Emission reductions that are attributable to surcharges obtained in accordance with Article 15 b of the Energy Act of 26 June 1998 1 are not attested.
5 The added ecological value of emission reductions is compensated with the issuance of attestations. If the added ecological value has already been compensated, no attestations are issued.
Art. 11 Substantial modifications to the project or programme
1 Substantial modifications of the project or programme carried out after the decision has been made regarding qualification or the extension of the crediting period must be reported to the FOEN.
2 A modification to the project or programme is in particular deemed substantial if:
a. actual emission reductions deviate from the expected annual emission reductions specified in the project or programme description by more than 20 percent; segundo. actual investment or operating costs deviate from the values specified in the project or programme description by more than 20 percent.
3 If necessary, the FOEN orders a revalidation. Emission reductions achieved after a substantial modification are only attested in accordance with a new decision on qualification in accordance with Article 8.
4 As of the decision regarding the qualification of the project or programme after a revalidation, the crediting period lasts for:
a. seven years if the crediting period has not yet been extended; segundo. three years if the crediting period has already been extended.
Section 5 a . Attestations for Companies with Reduction Obligations and Companies with Emissions Targets for the Progression of Energy Consumption 4
Art. 12 1 Attestations for companies with reduction obligations
1 Companies with reduction obligations under Article 66 paragraph 1 to which an emission target under Article 67 applies are issued attestations for domestic emission reductions upon application if:
a. the company can credibly report that its emissions target will be reached without counting emission-reduction certificates; segundo. the company's greenhouse gas emissions in the relevant year have been reduced by more than 5 percent as compared with the reduction course determined in accordance with Article 67; and c. for emission-reduction measures, the company has received no non-refundable payments from the Confederation, cantons or communes for promoting renewable energies, energy efficiency or climate protection or from surcharges obtained in accordance with Article 15 b of the Energy Act of 26 June 1998 2 for geothermal power, biomass and waste from biomass; excepted from this are companies that had already registered for the receipt of such funds before the coming into force of the amendment of 8 October 2017.
2 Attestations are issued for emission reductions to the extent of the difference between the reduction course minus 5 percent and the greenhouse gas emissions in the relevant year, for the last time in 2020.
3 Emission reductions for which attestations have been issued in accordance with paragraph 2 count as the company's greenhouse gas emissions and apply towards meeting the company's greenhouse gas emissions target.
Art. 12 a 1 Attestations for companies with a target agreement regarding the progression of energy consumption
1 Companies that have agreed with the Confederation upon targets for the progression of energy consumption and also have commitments to reduce CO 2 emissions (target agreement with an emissions target), without being exempt from the CO 2 levy for this purpose, are issued attestations for domestic emission reductions upon application if:
a. the target agreement with an emissions target meets the requirements of Article 67 Paragraphs 1-3, is validated at the company's own expense by a FOEN-approved validator and has been assessed by the FOEN as qualified; segundo. the company submits a monitoring report annually no later than 31 May in accordance with Article 72; do. the company's CO 2 emissions during the preceding three years have in each year fallen short of the agreed reduction course in the target agreement with emissions target by more than 5 percent; and d. for emission-reduction measures, the company has received no non-refundable payments from the Confederation, cantons or communes for promoting renewable energies, energy efficiency or climate protection or from surcharges obtained in accordance with Article 15 b of the Energy Act of 26 June 1998 2 for geothermal power, biomass and waste from biomass; excepted from this are companies that had already registered for the receipt of such funds before the coming into force of the amendment of 8 October 2017.
2 The validated target agreement with emissions target must be submitted to the FOEN no later than 31 May of the year in which attestations are being applied for.
3 Substantial and permanent changes under Article 73 as well as changes under Article 78 must be reported to the FOEN. If necessary, the FOEN orders a revalidation.
4 Attestations are issued for emission reductions to the extent of the difference between the reduction course minus 5 percent and the greenhouse gas emissions in the relevant year, for the last time in 2020.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). The revision of 9 Dec. 2017 relates only to the French text (AS 2017 4437). 2 SR 730.0
Section 5 b . Administration of Attestations and Data Protection 5
Art. 13 1 Administration of attestations and data
1 Companies and persons that have applied for the issuance of attestations must at the same time provide the FOEN the operator or personal account to which the attestations should be issued. Attestations are issued and administered in the Emissions Trading Registry in accordance with Articles 57-65.
2 The following data and documents are managed in a FOEN-administered database:
a. first names, surnames and contact information of the applicant, the validator and the verifier; segundo. the number of attestations issued; do. the core data for the project or programme; and d. the project and programme description, the validation reports, the monitoring reports and the verification reports.
3 On request, the holder of an attestation is granted access to the data described in paragraph 2 letters a and b in connection with the attestation. Access to the data and documents described in paragraph 2 letters c and d may be granted subject to the preservation of manufacturing and trade secrecy.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 14 1 Publication of information on projects and programmes
The FOEN may, subject to preservation of manufacturing and trade secrecy, publish:
a. descriptions of domestic emission-reduction projects and programmes; segundo. validation reports in accordance with Article 6 paragraph 4; do. monitoring reports in accordance with Article 9 paragraph 1; re. verification reports in accordance with Article 9 paragraph 4.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 15
1 The FOEN coordinates the measures specified in Article 8 paragraph 1 of the CO 2 Act.
2 It thereby takes account of the cantons' measures.
3 The cantons regularly inform the FOEN about their measures.
Chapter 2: Technical Measures for Reducing CO 2 Emissions from Buildings
Art. dieciséis
1 The cantons regularly report to the FOEN on technical measures for reducing CO 2 emissions from buildings.
2 The report must contain information regarding:
a. the CO 2 measures taken and planned and their effectiveness; and b. the progression of CO 2 emissions from buildings within the canton.
3 On request, the cantons make available to the FOEN all necessary documents that form the basis of the report.
Chapter 3: Technical measures for reducing CO 2 Emissions from Passenger Cars
Art. 17
1 Passenger cars registered for the first time in Switzerland are deemed registered for the first time; excluded are passenger cars that have been registered abroad for more than six months before a customs declaration in Switzerland.
2 Registration in a customs enclave in accordance with Article 3 paragraph 3 of the Customs Act of 18 March 2005 1 and in Liechtenstein is deemed registration in Switzerland. Registration in a customs enclave in accordance with Article 3 paragraph 2 of the Customs Act of 18 March 2005, with the exception of Liechtenstein, is deemed registration abroad.
3 Passenger cars may be registered for the first time only if the importer or manufacturer has met the obligations specified in Articles 29 or 30.
4 Should the deadline specified in paragraph 1 lead to the significant unequal treatment of importers of passenger cars that have already been registered abroad before a customs declaration in Switzerland and importers of passenger cars that have not been registered abroad before a customs declaration in Switzerland, or should misuses occur, then DETEC may in particular:
a. shorten or extend the deadline by no more than one year; segundo. define a required minimum number of kilometres covered.
Art. 18 Principle
The provisions for reducing CO 2 emissions from passenger cars apply to any importer or manufacturer of passenger cars that are registered for the first time in Switzerland.
Art. 19 Reference year
The calendar year in which compliance with the target is reviewed is deemed the reference year.
Art. 20 Large-scale importer
An importer that has, in the year preceding the reference year, registered at least 50 passenger cars for the first time is deemed a large-scale importer in the reference year.
Art. 21 Provisional assignment as a large-scale importer
1 An importer that, in the year before the reference year, has registered fewer than 50 passenger cars for the first time may apply to the Swiss Federal Office of Energy (SFOE) to be provisionally treated as a large-scale importer in the reference year.
2 The application must be submitted before a passenger car is registered for the first time.
3 If fewer than 50 passenger cars have been registered for the first time at the end of a reference year, the importer must individually account for each passenger car as a small-scale importer.
Art. 22 Small-scale importers
An importer that has registered fewer than 50 passenger cars for the first time in the year before the reference year, and is not provisionally treated as a large-scale importer in the reference year, is deemed a small-scale importer in the reference year.
Art. 23 Emission pools
1 Importers and manufacturers may apply to the SFOE by 30 November of the year preceding the reference year to be treated as an emission pool for a maximum duration of five years.
2 An emission pool has the rights and obligations of an individual large-scale importer.
3 It has a designated representative.
4 Members of an emission pool that are not associated through uniform control in a group, whether by majority vote or otherwise, may exchange among themselves only the following information:
a. the average decisive CO 2 emissions; segundo. the target for the decisive CO 2 emissions; do. the total number of passenger cars registered for the first time; re. the average unladen weight of passenger cars registered for the first time.
Art. 24 Decisive CO 2 emissions
1 Importers of type-approved passenger cars may by 31 January of the year after the reference year submit to the Federal Roads Office (FEDRO) the data required for calculation of the decisive CO 2 emissions, including the following for each individual passenger car:
a. the vehicle identification number (VIN); segundo. the CO 2 emissions; do. the unladen weight; re. possible ecological innovations; and e the holder's code of type approval.
2 If this data is not submitted, then the information in the type approval in accordance with Article 97 VTS 1 and the Ordinance of 19 June 1995 2 on the Type Approval of Road Vehicles (RVTAO) applies.
3 FEDRO may at any time, for data control purposes in accordance with paragraph 1, request importers to submit an appropriate number of certificates of conformity in accordance with Article 18 of Directive 2007/46/EC 3 ( Certificate of Conform i ty . COC).
Art. 25 Other determinations of decisive CO 2 emissions
1 For a passenger car that is exempt from type approval (Art. 4 RVTAO 1 ), the following evidence of CO 2 emissions is also recognised:
a. the COC; segundo. conformity assessment and conformity verifications in accordance with Article 2 letters m and n RVTAO; do. approvals issued by foreign countries in accordance with national or international law as shown in Annex 2 VTS 2 or at least the equivalent of Swiss regulations; or d. test reports issued by testing bodies that are listed for these tests in Annex 2 RVTAO or are recognised by the FEDRO under Article 17 paragraph 2 RVTAO. 3
1bis For a passenger car that has a type approval but which has been retrofitted for a different motor fuel before the initial approval for operation and has been marked with the type approval number in the inspection report (Art. 75 of the Road Traffic Licensing Ordinance of 27 October 1976 4 ), the evidence specified in paragraph 1 letters b-d is recognised. 5
2 For a passenger car for which no evidence under paragraph 1 or 1 bis is available, the decisive CO 2 emissions will be calculated in accordance with Annex 4. 6
3 If the CO 2 emissions of a passenger car cannot be calculated in accordance with the formulas in Annex 4, 300 g CO 2 /km is assumed.
Art. 26 Passenger cars driven with natural gas
For passenger cars that are wholly or partially driven by natural gas, the SFOE reduces the decisive CO 2 emissions by the percentage of the eligible biogenic component of the gas mixture.
Art. 27 Ecological innovations
1 The SFOE takes account of reductions of CO 2 emissions that have been achieved through innovative technologies insofar as they are accepted under Article 12 of Regulation (EC) No. 443/2009 1 .
2 The importer must provide evidence of reductions by means of a COC.
1 Regulation (EC) No 443/2009 of the European Parliament and of the Council of 23 April 2009 setting emission performance standards for new passenger cars as part of the Community's integrated approach to reduce CO 2 emissions from light-duty vehicles, version according to ABl. L 140 of 5.6.2009, p. 1.
Art. 28 Target
1 The target for the CO 2 emissions of passenger car fleets of large-scale importers, or in the case of small-scale importers or manufacturers, of individual passenger cars, is calculated in accordance with Annex 5.
2 If a manufacturer is granted an exemption in accordance with Article 11 of Regulation (EC) No. 443/2009 1. the SFOE adjusts the calculation of the target for importers of the relevant passenger car brands.
3 Targets adjusted in accordance with paragraph 2 may not be set off against other targets.
4 If a large-scale importer wants to account for a passenger car brand separately in accordance with paragraph 2, then it must inform the SFOE before registering the first car for the first time in the relevant reference year. For each passenger car brand, depending on the number of passenger cars registered for the first time, it must account for the passenger cars as a separate large-scale importer (Arts. 20 and 21) or as a separate small-scale importer (Art. 22).
1 See footnote to Art. 27 para. 1.
Art. 29 Procedure for importers
1 A large-scale importer must complete an inspection report (Form 13.20 A) for each imported passenger car and certify that it has imported the passenger car.
2 A small-scale importer must complete an inspection report (Form 13.20 A) and pay the penalty in accordance with Article 13 of the CO 2 Act, if one is owed.
3 For billing and collection, the SFOE is responsible for large-scale importers and the FEDRO is responsible for small-scale importers.
Art. 30 Procedure for manufacturers
1 Manufacturers of passenger cars in Switzerland must submit the data specified in Article 24 paragraph 1 to FEDRO according to the type approval or individual testing.
2 The SFOE calculates the possible penalty based on the data of the type approval or the individual testing for each individual passenger car registered for the first time.
3 Before first-time registration, the manufacturer must pay the penalty, if one is owed, to the competent collection authority in accordance with Article 29 paragraph 3.
Art. 31 1 Invoices for large-scale importers
1 The SFOE transmits quarterly to each large-scale importer the list of passenger cars registered for the first time, the target and the decisive CO 2 emissions no later than 31 March, 30 June, 30 September and 31 December of the current reference year.
2 On the basis of the number of passenger cars registered for the first time in the reference year, the target and the decisive CO 2 emissions, the SFOE examines, after the end of the reference year, for each large-scale importer, whether it owes a penalty.
3 If a large-scale importer owes a penalty, the SFOE calculates the amount and prepares a final invoice, taking into account any advance payments invoiced and received in accordance with Article 33.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 32 Payment deadline for large-scale importers
1 The large-scale importer must pay the penalty within 30 days of receiving the final invoice. 1
2 Any refund of advance payments is settled within the same deadline.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 33 1 Quarterly advance payments
1 The SFOE may require large-scale importers to make quarterly advance payments towards the possible penalty in the reference year.
2 Quarterly advance payments may in particular be required from:
a. importers that have been provisionally treated as large-scale importers in the reference year (Art. 21); segundo. large-scale importers domiciled abroad; do. large-scale importers currently subject to debt enforcement proceedings or with existing certificates of loss; re. large-scale importers whose decisive CO 2 emissions exceed the target by more than 5 g CO 2 / km in the reference year.
3 The SFOE prepares each invoice for the advance payments on the basis of the data referred to in Article 31 paragraph 1 on passenger cars registered for the first time in the current reference year. Advance payments already made are taken into account in preparing the invoice. Any surplus is refunded after the end of the reference year.
4 If the final invoice results in a surplus in favour of the large-scale importer, the SFOE refunds the surplus with reimbursement interest.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 34 1 Default interest and reimbursement interest
1 An importer or manufacturer who does not pay an invoice or the final invoice by the deadline owes default interest.
2 The interest rate for the default and reimbursement interest is equivalent to that used for direct federal taxes under the Annex to the Ordinance of 10 December 1992 2 on the Due Date for and Interest on Direct Federal Taxes.
Art. 35 Ruling
If an importer or manufacturer contests an invoice or the final invoice, then the SFOE rules on the level of penalty.
Art. 36 Security measures
1 If a large-scale importer is more than 30 days in default of payment of an advance or final payment, the SFOE may rule that it be treated as a small-scale importer until it has fully settled all payments owed.
2 If the SFOE deems the payment of the penalty or interest at risk, then it may request security in the form of a cash deposit or a bank guarantee from the importer.
Art. 37 Reporting
1 In 2017 and every three years thereafter, DETEC reports to the responsible commissions of the Federal Council and the Council of States on the targets reached and the effectiveness of the penalty.
2 The SFOE annually informs the public in appropriate form about the targets achieved, the penalties imposed and administrative expenses.
Section 5: Use of the Revenue from the Penalty in accordance with Article 13 of the CO 2 Act
Art. 38 Use
The revenue from the penalty under Article 13 of the CO 2 Act is used to finance undertakings in accordance with Article 1 paragraph 2 of the Infrastructure Fund Act of 6 October 2006 1 .
Art. 39 Procedure
1 The revenue equals the receipts as of 31 December of the collection year, including interest minus implementation costs.
2 The revenue is allocated to the infrastructure fund in the second year following the collection year.
Art. 40 Companies obliged to participate
1 A company is obliged to participate in the ETS if it is engaged in an activity listed in Annex 6. 1
2 A company that newly engages in an activity listed in Annex 6 notifies the FOEN no later than three months after starting the activity.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 41 Exemption from the obligation to participate
1 An ETS company may apply each year by 1 June to be exempted from the obligation to participate with effect from the beginning of the following year if the company's greenhouse gas emissions in the preceding three years were less than 25 000 tonnes CO 2 eq per year.
2 The company must continue to submit a monitoring plan (Art. 51) and a monitoring report (Art. 52) unless it has made a commitment to reduce greenhouse gas emissions in accordance with Article 31 paragraph 1 letter b of the CO 2 Act.
3 If the company's greenhouse gas emissions increase to more than 25 000 tonnes CO 2 eq during a year, then it must again participate in the ETS in the following year.
Art. 42 Participation by application
1 A company may participate in the ETS by application if:
a. it is engaged in an activity listed in Annex 7; and b. it thereby has a total rated thermal input of at least 10 MW.
2 A company that newly fulfils the participation conditions listed in paragraph 1 must submit the application no later than six months from the date of fulfilment.
2bis A company that withdraws its application despite meeting the conditions specified in paragraphs 1 or 2 has the opportunity to resubmit an application for participation if the total rated thermal input has increased by at least 10 percent since the last application. The application must be submitted no later than six months after the increase. 1
3 The application must contain information about:
a. the activities listed in Annex 7; segundo. 2 the installed rated thermal inputs of the company's fixed installations; do. the greenhouse gases emitted from the company's fixed installations in the preceding three years.
4 The FOEN may request additional information if required for assessing the application.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 43 Fixed installations not taken into account
1 In determining whether a company meets the conditions of Article 40 paragraph 1 or Article 42 paragraph 1 or 2 bis. and in calculating the extent to which emission allowances or emission-reduction certificates must be surrendered annually to the Confederation, fixed installations in hospitals are not taken into account. 1
2 A company may request that the following fixed installations not be taken into account:
a. installations used exclusively for the research, development and testing of new products and processes; segundo. 2 installations used primarily for the disposal of hazardous waste in accordance with Article 3 letter c of the Waste Management Ordinance of 4 December 2017 3 (WastMA).
3 For thermal fuels used in fixed installations that are not taken into account, the CO 2 levy is not refunded.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by Annex 6 no 2 of the Waste Management Ordinance of 4 Dec. 2017, in force since 1 Jan. 2017 (AS 2017 5699 ). 3 SR 814.600
Art. 43 a 1 Withdrawal
An ETS company may, no later than 1 June, apply to withdraw from the ETS with effect from the beginning of the following year if it permanently ceases to meet the conditions of Article 40 paragraph 1 or 42 paragraph 1.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 44 Ruling
The FOEN rules regarding the participation of companies in the ETS and regarding fixed installations not taken into account in accordance with Article 43.
Art. 45 Maximum available quantity of emission allowances
1 The FOEN calculates the maximum available quantity of emission allowances each year for all ETS companies as a whole in accordance with Annex 8.
2 It retains 5 percent of these emission allowances annually in order to make them accessible to new market entrants and ETS companies that significantly increase their capacity.
Art. 46 Emission allowances to be allocated free of charge
1 The FOEN calculates the quantity of emission allowances to be allocated free of charge annually to ETS companies, based on the benchmarks and adaptation factors described in Annex 9 and taking account of European Union regulations.
2 If the total quantity of emission allowances to be allocated free of charge exceeds the maximum quantity available minus the reserve in accordance with Article 45 paragraph 2, then the FOEN reduces the emission allowances allocated to individual ETS companies pro rata.
Art. 46 a 1 Allocating emission allowances free of charge to new ETS participants
1 A company that participates for the first time in the ETS after 1 January 2017 receives an allocation of emission allowances free of charge from the reserve in accordance with Article 45 paragraph 2 from the start of its participation in the ETS.
2 Emission allowances are allocated free of charge in accordance with Article 46.
3 If a company's participation in the ETS occurs after the extension of a fixed installation or after a significant increase in physical capacity, then it is allocated emission allowances free of charge in accordance with Articles 46 and 46 c .
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 46 b 1 Reduction of emission allowances to be allocated free of charge
1 The quantity of emission allowances to be allocated free of charge annually to ETS companies is reduced from the beginning of the following year if:
a. a physical change in a fixed installation leads to a reduction of at least 10 percent in the installed capacity of a unit decisive for emission allowances to be allocated free of charge (sub-installation); physical modifications that serve solely to reduce greenhouse gas emissions are excluded; segundo. the company's operations cease.
2 In the case of partial closures, the quantity of emission allowances allocated free of charge annually to an ETS company is reduced from the beginning of the following year as follows:
a. by 50 percent if the sub-installation's activity rate is reduced by at least 50 percent but less than 75 percent; segundo. by 75 percent if the sub-installation's activity rate is reduced by at least 75 percent but less than 90 percent; do. by 100 percent if the sub-installation's activity rate is reduced by at least 90 percent.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 46 c 1 Increase in the emission allowances to be allocated free of charge
1 The quantity of emission allowances to be allocated free of charge annually to an ETS company is increased if a physical change in a fixed installation or the expansion of a new fixed installation leads to an increase of at least 10 percent in a sub-installation's installed capacity.
2 The additional emission allowances are allocated from the date on which the additional capacity has been used for 90 days at an average of at least 40 percent (normal operation).
3 If a new sub-installation is created by a physical change in a fixed installation or by the expansion of a new fixed installation, the ETS company is allocated emission allowances according to the greenhouse gas emissions emitted in the time between the initial physical operation and the start of normal operation and in accordance with the benchmarks specified in Annex 9. No emission allowances are allocated free of charge for the production of electricity.
4 If the operation of a fixed installation restarts after a partial closure in accordance with Article 46 b paragraph 2, the free-of-charge allocation is adjusted accordingly as of the following year.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 47 1 Auction of emission allowances
1 The FOEN regularly auctions to ETS companies all the emission allowances that have not been allocated free of charge.
2 If it suspects agreements affecting competition or unlawful practices by dominant companies. FOEN may cancel the auction without accepting a bid. It must report any suspicion to the competition authorities.
3 It may award an ETS company a limited quantity of emission allowances at the price corresponding to the result of the auction simultaneously carried out.
4 It may commission private organisations to conduct the auction.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 47 a 1 Participation in the auction and the binding nature of auction bids
1 ETS companies that participate in the auction must submit the following information to the FOEN in advance:
a. first names, surnames, postal and e-mail addresses, mobile phone number and proof of identity of at least one, but no more than two, authorised auction agents; segundo. first names, surnames, postal and e-mail addresses, mobile phone number and proof of identity of at least one, but no more than two, bid validators.
2 The information is recorded in the Emissions Trading Registry.
3 Auction bids are binding after a bid validator gives consent.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 48 Emission reduction certificates
1 The maximum quantity of emission-reduction certificates that an ETS company may surrender is calculated as follows: 1
a. for fixed installations that have already been taken into account in the ETS in the years 2008-2012: 11 percent of five times the average allowances allocated annually in this period; the emission reduction certificates taken into account in this period are deducted; segundo. for the remaining fixed installations and greenhouse gas emissions: 4.5 percent of the greenhouse gas emissions of the years 2017-2020.
2 For fixed installations that in the years 2017-2020 have only been intermittently taken into account in the ETS, the maximum quantity of emission-reduction certificates is reduced according to the applicable duration. 2
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 49 1 Recalculation of the quantity of emission-reduction certificates
1 The maximum quantity of emission-reduction certificates is recalculated with effect from the beginning of the following year if:
a. a physical change in at least one fixed installation leads to a significant increase or reduction in a sub-installation's installed capacity; segundo. the company's activities cease; or c. the activities of the essential parts of the company's fixed installations are reduced by at least half.
2 The maximum quantity of emission-reduction certificates for fixed installations in accordance with Article 48 paragraph 1 letter a is reduced to a maximum of 8 percent of five times the average allowances allocated annually in the years 2008-2012 minus the emission-reduction certificates taken into account in this period.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 50 Data collection
1 The FOEN or a FOEN-authorized entity collects data to calculate the maximum quantity of emission allowances to be made available and the quantity of emission allowances to be allocated free of charge to individual ETS companies.
2 An ETS company is required to cooperate. If it violates its obligation to cooperate, then it will be denied emission allowances free of charge.
Art. 51 Monitoring plan
1 A company obliged to participate in the ETS shall submit a monitoring plan to the FOEN for approval no later than three months after the deadline for notification of new activities specified in Article 40 paragraph 2.
2 A company that is participating in the ETS by application submits a monitoring plan to the FOEN for approval no later than three months after the deadline for the submission of the application to participate specified in Article 42 paragraph 2 or 2 bis. 1
3 The monitoring plan must specify how the company ensures that:
a. standardised or other established procedures are used for the measurement or calculation of greenhouse gas emissions; segundo. the greenhouse gas emissions are as completely, consistently and accurately recorded as is technically and operationally possible and economically feasible; do. the measurement, calculation and documentation of greenhouse gas emissions are traceable and transparent.
4 An ETS company amends the monitoring plan if it no longer meets the requirements of paragraph 3 or if an amendment is necessary due to a change under Articles 46 b and 46 c . It submits the amended monitoring plan to the FOEN for approval. 2
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 52 1 Monitoring report
1 An ETS company submits to the FOEN annually by 31 March of the following year a monitoring report that must contain:
a. information about the progression of greenhouse gas emissions; segundo. information about the progression of production volumes; do. an accounting of thermal fuels; re. information about any changes in installed capacities.
2 The data must be shown in a summary table with comparative data of the previous years. The FOEN issues guidelines on the form of the monitoring report.
3 The FOEN may request additional information if required for monitoring.
4 It may require at any time that the monitoring report be verified by a FOEN-approved verifier.
5 If an ETS company submits an incomplete monitoring report or fails to submit it by the deadline, the FOEN estimates the company's greenhouse gas emissions.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 53 An ETS company's obligation to report changes
An ETS company informs the FOEN without delay about:
a. changes that could affect the emission allowances to be allocated free of charge; segundo. changes in contact information.
Art. 54 The cantons' duties
1 The cantons verify whether ETS companies have met their information obligations under Articles 40 paragraphs 2 and 53 and whether the information provided is complete and traceable.
2 The FOEN makes the required information available to the cantons.
3 If a canton determines that the requirements of this Ordinance have not been met, it informs the FOEN without delay.
Art. 55 Obligation
1 An ETS company annually surrenders to the FOEN emission allowances and, if permitted, emission reduction certificates. Decisive are the relevant greenhouse gas emissions of the fixed installations that have been taken into account.
2 An ETS company meets these obligations each year by 30 April for the greenhouse gas emissions of the previous year.
Art. 55 a 1 Case of hardship
1 On application, the FOEN may increase the maximum quantity of emission-reduction certificates that an ETS company may surrender under Article 48 if it proves that:
a. it cannot meet its surrender obligation in accordance with Article 55 without the increase; segundo. it has participated in an auction of emission allowances in accordance with Article 47 and thus has made offers for the required quantity of emission allowances at market prices; do. procuring the lacking emission allowances outside auctions would significantly impede the ETS company's competitiveness; and d. it is prepared to acquire European emission allowances to the extent of the additional emission-reduction certificates applied for.
2 To assess significant impairment to competitiveness, the FOEN also takes into account in particular the company's receipts from the sale of emission allowances.
3 The application is to be submitted to the FOEN no later than 31 March of the year following the year for which the case of hardship is claimed for the first time. The FOEN decides the quantity of additional eligible emission-reduction certificates annually.
4 European emission allowances acquired in accordance with paragraph 1 letter d are to be transferred annually to an account of the Swiss Confederation in the European Union Emissions Trading System.
5 The FOEN transfers back the European emission allowances transferred by an ETS company in accordance with paragraph 4 to the company if no convention regarding the linking of the Swiss ETS with the European Union Emissions Trading System comes into force by 31 December 2018.
6 It transfers back the additional emission-reduction certificates delivered in accordance with paragraph 3 to the company by 31 December 2018 if a convention regarding the linking of the Swiss ETS with the European Union Emissions Trading System comes into force. European emission allowances will be taken into account towards meeting the obligation.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 56 Non-compliance with obligations
1 If an ETS company does not meet its obligations to surrender emission allowances or emission reduction certificates by the deadline, then the FOEN rules on a penalty in accordance with Article 21 of the CO 2 Act.
2 The payment deadline is 30 days from the issue of the ruling. If a payment is late, default interest at the rate of 5 percent per year is charged.
3 If an ETS company does not surrender emission allowances or emission reduction certificates by 31 January of the following year, then they will be offset against the emission allowances allocated to the company free of charge for that year.
Art. 57 1 Principles
1 ETS companies must have an operator account in the Emissions Trading Registry.
2 Companies with reduction obligations under Chapter 5, operators of fossil-thermal power plants in accordance with Chapter 6 and importers and manufacturers of fossil motor fuels in accordance with Chapter 7 that hold emission allowances, emission-reduction certificates or attestations in the Emissions Trading Registry, or want to trade them, must have an operator account or a personal account.
3 All other companies and persons that hold emission allowances, emission-reduction certificates or attestations in the Emissions Trading Registry, or want to trade them, must have a personal account.
4 Companies and persons that receive attestations for a project or a programme in accordance with Article 5, for emission reductions in accordance with Article 12, or for emission reductions arising from a target agreement with an emissions target in accordance with Article 12 a may have them issued directly to a third party's operator or personal account.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 58 1 Opening an account
1 Companies and persons under Article 57 paragraphs 1-3 must apply to the FOEN to open an account.
2 The application must include:
a. for companies: an extract from the commercial register and a copy of the passport or other proof of identity of the person authorised to represent the company; segundo. for individual persons: a proof of identity; do. first names, surnames, postal and e-mail addresses and proof of identity of the applicant; re. first names, surnames, postal and e-mail addresses, mobile phone number and proof of identity of at least of one and no more than four authorised representatives for the account; mi. first names, surnames, postal and e-mail addresses, mobile phone number and proof of identity of at least one and no more than four transaction validators; F. a declaration that the applicant accepts the General Terms and Conditions of the Emissions Trading Registry.
3 Companies registered in a State in which no commercial register is maintained confirm by another form of supporting document their existence and the authorisation to sign of the person entitled to represent the company.
4 The FOEN may require the information in accordance with paragraphs 2 and 3 to be authenticated.
5 It may request additional information if it requires the same for the account to be opened. This includes in particular criminal record certificates.
6 It opens the requested account after reviewing the information and supporting documents and as soon the applicant as has paid the fee.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 59 Address for service
1 Any company or person with a personal account under Article 57 must designate an address for service in Switzerland for the following persons: 1
a. for companies, the person entitled to represent the company, or for persons, the account holder; segundo. the authorised representatives for the account; and c. 2 the transaction validators.
2 Paragraph 1 does not apply if the account was opened before 1 January 2012.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 59 a 1 Rejection of account opening
1 The FOEN rejects the account opening or the entry of authorised representatives for the account, authorised auction agents, transaction validators and bid validators if:
a. the transmitted information or documents are incorrect or not traceable; segundo. 2 the company, the managing director or one of the persons mentioned in the introductory sentence has been convicted in the preceding ten years of money laundering or criminal offences against property or of other criminal offences in connection with emission trading or the legislation on financial market infrastructures.
2 It suspends the account opening or entry if an investigation is pending against the company or a person mentioned in paragraph 1 letter b due to one of the criminal offences described in paragraph 1 letter b.
3 If the FOEN rejects the account opening of a company that is obliged to participate in the ETS, then the FOEN opens a frozen account to which the emission allowances allocated under Article 46 are credited. The account remains frozen until the reasons that led to the rejection of the account opening have been eliminated.
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by Annex 1 No 8 of the Financial Market Infrastructure Ordinance of 25 Nov. 2017, in force since 1 Jan. 2017 (AS 2017 5413 ).
Art. 60 1 Entry in the Emissions Trading Registry
1 All emission allowances, emission-reduction certificates, attestations and auction bids must be recorded in the Emissions Trading Registry.
2 Changes in the holding of emission allowances, emission-reduction certificates and attestations are valid only if they are recorded in the Emissions Trading Registry.
3 Emission-reduction certificates for the following emission reductions may not be recorded in the Emissions Trading Registry:
a. long-term certified emission reductions (lCER); segundo. temporary certified emission reductions (tCER); do. certified emission reductions from projects for CO 2 capture and geological CO 2 sequestration (CCS).
4 The FOEN maintains a record of the issuance of attestations and emission allowances for the second commitment period 2017-2020 in the form of an electronic database.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 61 1 Transactions
1 Emission allowances, emission-reduction certificates and attestations are freely tradable.
2 The authorised representatives for the account, authorised auction agents and the transaction validators and bid validators have the right to secure access to the Emissions Trading Registry.
3 When ordering a transaction involving emission allowances, emission-reduction certificates or attestations, authorised representatives for the account must give details of:
a. the source and destination accounts; and b. type and quantity of emission allowances, emission-reduction certificates or attestations to be transferred.
4 The emission allowances, emission-reduction certificates or attestations are transferred when the transaction validator consents to the transfer.
5 The transaction is carried out according to a standardised procedure.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 62 1 Registry management
1 The FOEN manages the Emissions Trading Registry electronically and records all transactions and auction bids.
2 It ensures that it is possible to reproduce all the data relevant to transactions and auction bids at any time.
3 In addition to the information submitted when an account is opened, it may also require further information at any time if necessary for the secure operation of the Registry.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 63 Exclusion of liability
The Confederation accepts no liability for any losses incurred due to:
a. 1 errors in transactions involving emission allowances, emission-reduction certificates, attestations and auction bids; segundo. restricted access to the Emissions Trading Registry; do. misuse of the Emissions Trading Registry by third parties.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 64 1 Account freezing and closure
1 If the Emissions Trading Registry regulations are contravened or if an investigation is pending due to an offence under Article 59 a paragraph 1 letter b, then the FOEN freezes the user access or accounts concerned. The freeze lasts until such time as the regulations are adhered to or the investigation is concluded.
2 The FOEN may close accounts that do not contain any emission allowances, emission-reduction certificates or attestations and that have not been used for at least a year.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 65 1 Data protection
1 The FOEN may, subject to preservation of manufacturing and trade secrecy, electronically publish data held in the Emissions Trading Registry.
2 The Emissions Trading Registry includes the following data:
a. account number; segundo. for the following persons, contact details and data in accordance with proof of identity: 1. persons in accordance with Article 57 paragraphs 1-3, 2. bid validators, 3. authorised auction agents; do. emission allowances, emission-reduction certificates and attestations per account; re. for ETS companies: auction bids, installation and emissions data, the quantity of emission allowances allocated free of charge and the quantity of emission allowances and emission-reduction certificates delivered to meet their obligation; mi. for domestic emission-reduction projects and programmes: the quantity of attestations issued per monitoring period and account number of the operator or personal accounts to which the attestations for the project or programme have been issued; F. for persons with compensation obligations: the amount of the compensation obligation and the quantity of attestations and emission-reduction certificates delivered to meet the obligation; gramo. for companies with reduction obligations: the quantity of emission-reduction certificates delivered to meet the obligation.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 66 1 Requirements
1 In accordance with Article 31 paragraph 1 letter b of the CO 2 Act, a company may commit to reduce its greenhouse gas emissions (companies with reduction commitments) if it:
a. is engaged in an activity listed in Annex 7; segundo. produces at least 60 percent of its greenhouse gas emissions due to an activity listed in Annex 7; and c. has emitted a total of more than 100 tonnes CO 2 eq of greenhouse gases in one of the preceding two years.
2 The extent to which greenhouse gas emissions are reduced is determined by means of an emissions target or a measures target.
3 Several companies may make a joint commitment to reduce greenhouse gas emissions if:
a. each of them is engaged in an activity listed in Annex 7; segundo. the source of at least 60 percent of each of their greenhouse gas emissions is an activity listed in Annex 7; and c. together they have emitted a total of more than 100 tonnes CO 2 eq of greenhouse gases in one of the preceding two years.
4 The companies are deemed a single company. They must designate a representative.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 67 Emissions target
1 The emissions target is the maximum total amount of greenhouse gases that a company may emit by the end of 2020.
2 The FOEN calculates the emissions target on the basis of a linear reduction course.
3 The linear reduction course is based on Article 31 paragraph 3 of the CO 2 Act and:
a. on the company's greenhouse gas emissions of the preceding two years; segundo. on the state of the art of the technology used at the company; do. on the already realised greenhouse-gas-effective measures and their effect; re. on the remaining reduction potential; mi. on the economic efficiency of the possible greenhouse-gas-effective measures; F. on the portion of produced electricity that, in comparison with 2012, has additionally been used outside the company; gramo. on the portion of district heating or cooling produced; marido. on the extent to which CO 2 levies can be saved.
4 A company that was under a reduction commitment in the years 2008-2012 and would like to seamlessly continue from 2017 may apply for a simplified determination of the reduction course.
5 A simplified determination of the reduction course is based on the company's greenhouse gas emissions in 2010 and 2011 and Article 3 of the CO 2 Act. Insofar as companies have achieved additional reductions that exceed their commitments in the years 2008-2012, this will be taken into account in determining the reduction course, except for additional reductions achieved as the result of using waste fuels.
Art. 68 Measures target
1 A company that normally emits no more than 1500 tonnes CO 2 eq per year may request that the extent of its reduction be determined by means of a measures target.
2 The measures target includes the total amount of greenhouse gas emissions that the company must reduce by the end of 2020 by means of measures.
3 The measures target is determined based on Article 31 paragraph 3 of the CO 2 Act and:
a. on the state of the art of the technology used at the company; segundo. the remaining reduction potential; do. on the economic efficiency of the possible greenhouse-gas-effective measures; re. on the portion of produced electricity that, in comparison with 2012, has additionally been used outside the company; mi. on the portion of district heating or cooling produced; F. on the extent to which CO 2 levies can be saved.
Art. 69 Application for the determination of a reduction commitment
1 An application for the determination of a reduction commitment must be submitted to the FOEN by 1 September of the previous year. On request, the FOEN may appropriately extend the application deadline. It issues guidelines on the form of the application. 1
2 The application must contain information about:
a. the activities listed in Annex 7; segundo. the greenhouse gas emissions and production volumes of the previous two years; do. the emissions target or measures target that the company strives for.
2bis The proposal for the measures target must be prepared in consultation with a private organisation commissioned by the FOEN in accordance with Article 130 paragraph 6. 2
3 The FOEN may request additional information if required for the determination of reduction commitments, particularly about:
a. the state of the art of the technology used at the company; segundo. 3 already implemented greenhouse-gas-effective measures, their effect and financing; do. the possible technical and economic greenhouse-gas-effective measures, with an evaluation of their effect and costs.
4 It may request the company to submit a monitoring plan in accordance with Article 51.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 3 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 70 Ruling
The FOEN rules on reduction commitments.
Art. 71 Product improvements outside a company's own production plants
1 Emission reductions that a company has achieved due to product improvements outside its own production plants may on request be taken into account towards meeting reduction commitments if they are:
a. analogous with the requirements of Article 5; and b. directly related to the company's activity.
2 The procedure is described in Articles 6-11.
Art. 72 1 Monitoring report
1 A company must submit annually by 31 May of the following year a monitoring report to a private organisation commissioned by the FOEN in accordance with Article 130 paragraph 6, which forwards the monitoring report to the FOEN.
2 The monitoring report must contain:
a. information about the progression of greenhouse gas emissions; segundo. information about the progression of production volumes; do. an accounting of thermal fuels; re. a description of implemented greenhouse-gas-effective measures; mi. information about possible deviations from the reduction course or measures target with a justification and planned corrective measures.
3 The data must be contrasted in a summary table with comparative data from previous years. The FOEN defines the form of the monitoring report in a directive.
4 The FOEN may request additional information if required for monitoring.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 73 Amendment of the emissions target
1 The FOEN amends the emissions target if a company's greenhouse gas emissions exceed or fall short of the reduction course due to a significant and permanent change in production amount or product mix or due to the procurement of heating or cooling from a third party: 1
a. in three consecutive years by at least 10 percent per year; or b. in one year by at least 30 percent.
2 It amends the emissions target retroactively from the beginning of the year in which the company's greenhouse gas emissions first exceeded or fell short of the reduction course.
3 It takes account of the criteria in Article 67 paragraph 3.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 74 Amendment of the measures target
1 The FOEN amends the measures target if the company's greenhouse gas emissions change significantly due to a change in production amount or product mix or due to the procurement of heating or cooling from a third party. 1
2 It takes account of the criteria in Article 68 paragraph 3.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 75 Counting emission reduction certificates
1 A company that has not reached its emissions target or measures target and has not been issued attestations in accordance with Article 12 may have emission reduction certificates taken into account towards meeting its reduction commitments to the following extent:
a. for companies that were already subject to a reduction commitment in the years 2008-2012: 8 percent of five times the average allowed emissions annually in this period, minus the emission reduction certificates that were taken into account during 2008-2012 but that were not required for meeting the company's 2008-2012 reduction commitments; segundo. for the remaining companies and greenhouse gas emissions: 4.5 percent of the greenhouse gas emissions of the years 2017-2020.
2 The extent to which emission-reduction certificates are taken into account in accordance with paragraph 1 is as follows: 1
a. for a company that was only intermittently subject to a reduction commitment in the years 2017-2020: correspondingly reduced for this time period; segundo. for a company that, in comparison with 2012, produces additional electricity that is used outside the company: increased by 50 percent of the required increase in additional reduction performance; do. 2 for a company under paragraph 1 letter a, the emissions or measures target of which has been amended: increased or reduced in accordance with the amendment; the quantity of eligible emission-reduction certificates are thereby reduced to a maximum of 8 percent of five times the average allowed emissions annually in this period, minus the emission-reduction certificates that were taken into account in the years 2008-2012.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 76 Failure to meet reduction commitments
1 If a company fails to meet its reduction commitment, then the FOEN rules on a penalty in accordance with Article 32 of the CO 2 Act.
2 The payment deadline is 30 days from the entry of the ruling. If a payment is late, default interest at the rate of 5 percent per year is charged.
Art. 77 Security for the penalty
If a company is at risk of not meeting its target, then the FOEN may require security for the expected penalty until the risk no longer exists.
Art. 78 A company's obligation to report changes
A company informs the FOEN without delay about:
a. changes that could affect its reduction commitments; segundo. changes in contact information.
Art. 79 Publication of information
The FOEN may subject to the preservation of manufacturing and trade secrecy, publish:
a. the names of companies with reduction commitments; segundo. the emissions targets or measures targets; do. the greenhouse gas emissions of each company; re. the extent to which emission reductions were taken into account in meeting each company's reduction commitment in accordance with Article 71; mi. the quantity of emission reduction certificates that each company surrenders; F. the quantity of credits that have been taken into account towards meeting each company's reduction commitments in accordance with Article 138 paragraph 1 letter b; gramo. the quantity of attestations that have been issued to each company in accordance with Article 12.
Chapter 6: Compensation of CO 2 Emissions from Fossil-Thermal Power Plants
Art. 80 Power plants primarily for heat production
A power plant that has an overall efficiency of at least 80 percent is deemed a power plant primarily for heat production.
Art. 81 Overall efficiency
1 A power plant must have an overall efficiency of at least 62 percent.
2 The overall efficiency of a power plant at a location at which a power plant was earlier operated must be at least 58.5 percent.
Art. 82 Installations not deemed power plants
An installation is not deemed a power plant if:
a. it has a total output of less than 1 MW; segundo. it is at a location for less than two years or operates for less than 50 hours per year; do. it is used exclusively for the research, development and testing of new products and processes; or d. 1 its main function is the disposal of municipal or hazardous waste in accordance with Article 3 letters a and c respectively WastMA 2.
1 Amended by Annex 6 no 2 of the Waste Management Ordinance of 4 Dec. 2017, in force since 1 Jan. 2017 (AS 2017 5699 ). 2 SR 814.600
Art. 83 Permissible compensation measures
1 The following are permissible to meet a compensation obligation:
a. 1 domestic emission-reduction projects and programmes self-implemented by the power plant operator that meet the requirements of Articles 5 and 5 a ; segundo. investment in installations for the domestic production of heat or electricity using renewable energy sources that meet the requirements of Article 5; do. the substitution of existing fossil-fuel heat sources with heat produced and directly decoupled by the power plant; re. the surrender of attestations for domestic emission reductions; mi. the surrender of emission reduction certificates.
2 Compensation measures in accordance with paragraph 1 letters a-c are taken into account to the extent of the accounted-for emission reductions. Emission reductions that are attributable to non-refundable payments from the Confederation, cantons or communes for promoting renewable energies, energy efficiency or climate protection are only attested to the applicant if it proves that the emission reductions have not otherwise been claimed by the competent public body. Emission reductions that are attributable to surcharges obtained in accordance with Article 15 b of the Energy Act of 26 June 1988 2 are not attested. 3
3 For the calculation of emission reductions that have been achieved through investments under paragraph 1 letter b, the CO 2 emissions that on average arise from the domestic production of electricity are decisive.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 SR 730.0 3 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 84 Compensation contract
1 A compensation contract is concluded between the power plant operator and the FOEN.
2 It specifically contains:
a. the requirements for compensation measures; segundo. the specifications for reporting on the progression of the power plant's CO 2 emissions; do. the specifications for reporting on the compensation measures taken by the power plant operator domestically and abroad; re. the details of the contractual penalty that the power plant operator must pay if the CO 2 emissions are not compensated in accordance with the contract.
3 Negotiations with the power plant operator are carried out jointly by the SFOE and the FOEN. If the parties fail to reach an agreement, then the power plant operator may request the FOEN for a ruling regarding the Confederation's contractual offer.
Art. 85 Tasks of the cantons
The cantons inform the FOEN:
a. annually about the existing power plants within the canton; segundo. without delay about the receipt of applications for licences to build and operate power plants.
Chapter 7: Compensation of CO 2 Emissions from Motor Fuels
Art. 86 Compensation obligation
1 Persons or companies are subject to compensation obligations if:
a. they release motor fuels for consumption in accordance with Annex 10; or b. they convert fossil gases for combustion purposes to gases for use as motor fuels in accordance with Annex 10.
2 CO 2 emissions from motor fuels that, in accordance with Article 17 of the Mineral Oil Tax Act of 21 June 1996 1. are entirely exempt from mineral oil tax, need not be compensated.
Art. 87 Exemptions from the compensation obligation for small quantities
1 The obligations in Article 86 paragraph 1 do not apply to persons who, in the preceding three years, have released such small quantities of motor fuels for consumption that their use as energy has resulted in emissions of less than 1000 tonnes CO 2 per year.
2 The exemption from the compensation obligation extends until the beginning of the year in which the CO 2 emissions resulting from the use as energy of motor fuels for consumption exceed 1000 tonnes.
Art. 88 Compensation pools
1 Persons with compensation obligations may apply to the FOEN each year by 30 November of the previous year to be treated as a compensation pool.
2 A compensation pool has the rights and obligations of an individual person with compensation obligations.
3 It has a designated representative.
Art. 89 Compensation rate
1 CO 2 emissions that result from the use as energy of motor fuels released for consumption in the relevant year must be compensated. The compensation rate is:
a. for 2017 and 2017: 2 percent; segundo. for 2017 and 2017: 5 percent; do. for 2018 and 2019: 8 percent; re. for 2020: 10 percent.
2 The CO 2 emissions of each motor fuel are calculated using the emissions factors listed in Annex 10.
Art. 90 1 Permissible compensation measures
1 The following are allowed to meet compensation obligations:
a. for persons with compensation obligations, self-implemented domestic emission-reduction projects and programmes that meet the requirements of Articles 5 and 5 a ; segundo. the surrender of attestations for domestic emission reductions.
2 Compensation measures in accordance with paragraph 1 letter a are taken into account to the extent of the emission reductions accounted for. Emission reductions that are attributable to non-refundable payments from the Confederation, cantons or communes for promoting renewable energies, energy efficiency or climate protection are only attested to the applicant if it proves that the emission reductions have not otherwise been claimed by the competent public body. Emission reductions that are attributable to surcharges obtained in accordance with Article 15 b of the Energy Act of 26 June 1998 2 are not attested.
Art. 91 Meeting the compensation obligation
1 A company or person with a compensation obligation is obliged to meet that obligation each year by 1 June of the following year.
2 For meeting a compensation obligation in 2020, only emission reductions achieved in 2020 are taken into account.
3 Emission reductions from self-implemented emission-reduction projects and programmes must be proven by means of a verified monitoring report that meets the requirements of Article 9. A monitoring report and accompanying verification report per project and programme are to be submitted to the FOEN. 1
4 To meet a compensation obligation, the company or person submits a detailed and transparent report on the costs of each tonne CO 2 compensated. For self-implemented projects and programmes, development costs and operational expenses are to be separately documented. 2
5 The following data and documents are managed in a FOEN-administered database per person with a compensation obligation:
a. the extent of the compensation obligation; segundo. the monitoring reports and verification reports of the self-implemented projects or programmes; do. emission reductions from self-implemented projects or programmes that are accounted-for; re. the quantity of emission reductions from self-implemented projects or programmes that have not yet been used for compensation; mi. the quantity of emission reductions that have not yet been for compensation; F. information about the costs of each tonne CO 2 compensated; gramo. development and operating costs of self-implemented projects or programmes. 3
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 3 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 92 Failure to meet a compensation obligation
1 If a company or person obliged to compensate does not do so by the deadline, then the FOEN grants an appropriate grace period.
2 If a company or person obliged to compensate does not do so within the grace period, then the FOEN rules on a penalty in accordance with Article 28 of the CO 2 Act.
3 The payment deadline is 30 days from the issue of the ruling. If a payment is late, default interest at the rate of 5 percent per year is charged.
4 The lacking emission reduction certificates must be surrendered by 1 June of the following year.
Chapter 8: CO 2 Levy
Art. 93 Subject to the levy
The production, extraction and import of the following are subject to the CO 2 levy:
a. coal; segundo. other thermal fuels listed in Article 2 paragraph 1 of the CO 2 Act insofar as they are subject to a mineral oil tax under the Mineral Oil Tax Act of 21 June 1996 1.
Art. 94 Rate of the levy
1 The levy shall be increased as follows:
a. from 1 January 2017: at 60 francs per tonne CO 2 . if the CO 2 emissions from thermal fuels in 2012 exceed 79 percent of 1990 emissions; segundo. from 1 January 2017: 1. at 72 francs per tonne CO 2 if the CO 2 emissions from thermal fuels in 2017 exceed 76 percent of 1990 emissions, 2. at 84 francs per tonne CO 2 if the CO 2 emissions from thermal fuels in 2017 exceed 78 percent of 1990 emissions; do. from 1 January 2018: 1. at 96 francs per tonne CO 2 if the CO 2 emissions from thermal fuels in 2017 exceed 73 percent of 1990 emissions, 2. at 120 francs per tonne CO 2 if the CO 2 emissions from thermal fuels in 2017 exceed 76 percent of 1990 emissions.
2 The CO 2 levy is imposed in accordance with the tariffs listed in Annex 11.
Art. 95 Declaration of payment of the levy
Any company or person that trades in thermal fuels in accordance with Article 93 must declare the applicable rate of the levy on invoices submitted to buyers.
Section 2: Refund of the CO 2 Levy
Art. 96 Claim for refund
1 The following companies and persons may apply for a refund of the CO 2 levy:
a. those exempt from the CO 2 levy; segundo. those that have paid a levy on thermal fuels that were not used to produce energy (Art. 31, para. 1 letter a CO 2 Act).
2 The following are exempt from the CO 2 levy:
a. ETS companies (Art. 17 CO 2 Act); segundo. power plant operators (Art. 25 CO 2 Act); and c. companies with reduction commitments (Art. 31, para. 1 letter b CO 2 Act).
Art. 97 Application for refund by companies exempt from the CO 2 levy
1 An application for refund must be submitted to the Swiss Federal Customs Administration (FCA) in the prescribed form.
2 It must include:
a. a complete compilation of the CO 2 levy paid; segundo. the invoices for the CO 2 levy paid; do. the quantity and type of acquired thermal fuels; re. the applicable rate of the CO 2 levy.
3 The FCA may demand further evidence if required for determining the refund.
Art. 98 Periodicity of the refund for companies exempt from the CO 2 levy
1 An application for refund may cover a period of 1-12 months.
2 It must be submitted by 30 June for the CO 2 levy paid for:
a. the previous year; segundo. the fiscal year that ended in the previous year.
3 A claim for refund is forfeited if the application is not submitted by the deadline.
Art. 99 Refund for fuels not used to produce energy
1 Any person who has paid a levy on thermal fuels that were not used to produce energy and wants to apply for a refund must prove the quantity that was not used to produce energy. To this end, records (consumption control) must be maintained for the input, output and consumption of the thermal fuels as well as for warehouse stocks.
2 The refund application must be submitted to the FCA in the prescribed form.
3 It must contain information about:
a. the type of usage for non-energy purposes; segundo. the quantity and type of thermal fuels that were not used to produce energy; do. the applicable rate of the CO 2 levy.
4 The FCA may request additional information if required for determining the refund.
Art. 100 Periodicity of the refund for fuels not used to produce energy
1 A refund application may cover a period from 1-12 months.
2 It must be submitted within three months of the end of the fiscal year.
3 For thermal fuels that have not been used for more than two years before the application has been submitted, there may no longer be a claim for refund.
Art. 101 Document retention
All documents relevant to the refund are to be retained for five years and submitted to the FCA if requested.
Art. 102 Minimum amount and refund fee
1 Refund amounts of less than 100 francs per request will not be paid out.
2 A fee of 5 percent of the refund is charged per application, amounting to at least 50 but no more than 1000 francs.
Art. 103 Deferral of the refund
If a company or person violates the obligation to cooperate in accordance with Article 96 of this Ordinance, then the FCA may, in agreement with the FOEN, defer refund of the CO 2 levy.
Chapter 9: Use of the Revenues from the CO 2 Levy
Art. 104 Qualification for a financial contribution
1 The Confederation grants the cantons global financial assistance in accordance with Article 34 paragraph 1 letter a of the CO 2 Act for promoting measures for the energy-efficient renovation of existing buildings, particularly for the improved thermal insulation of building shells.
2 Contributions also are granted for buildings heated without fossil fuels. Buildings that to date are unheated are ineligible for assistance.
3 The Confederation also may grant global financial assistance to a representative of several cantons if these cantons have given the representative appropriate authority.
Art. 105 Information from the cantons
1 If a canton wants to receive global financial assistance from the Confederation, it must provide the SFOE with information regarding: 1
a. the estimated expected CO 2 reduction that can be achieved through the measures over the duration of the programme agreement; segundo. the planned implementation of the programme.
2 The SFOE forwards the information to the FOEN. 2
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 106 Programme agreement
1 The SFOE enters into a programme agreement with a canton for the granting of global financial assistance on the basis of the information provided under Article 105. 1
2 The programme agreement in particular defines:
a. the programme goal; segundo. the canton's performance; do. the Confederation's global contribution; re. controlling; mi. communication.
3 The length of the programme agreement does not exceed five years.
4 The SFOE and the cantons establish standard criteria for the use of the global financial assistance in each programme agreement. 2
5 The cantons set standard contribution rates for each of the individual measures in consultation with the SFOE. 3
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 3 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 107 The amount of global financial assistance
1 The amount of global financial assistance is granted in accordance with the agreed-to programme goal.
2 It is defined as a percentage of the annual total amount available.
Art. 108 Payments
The global financial assistance is provided in tranches.
Art. 109 1 Implementation costs
1 In order to reimburse its expenses for implementing the programme agreement, the canton is paid a maximum of 6.5 percent of the global financial assistance it is paid from the funds made available for promoting measures for the energy-efficient renovation of existing buildings. If the programme agreement ends before 31 December 2019, then DETEC adjusts the compensation accordingly in consultation with the Federal Department of Finance. The canton must provide proof of implementation expenses.
2 Out of the same funds, the SFOE is compensated no more than a million francs per year for programme communication.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 110 1 Reporting and control
1 The canton submits to the SFOE an annual report on the use of global financial assistance. The report contains information on:
a. the emission reductions achieved in total and by each individual measure; segundo. the amounts used, in total and by each individual measure; do. the implementation expenses; re. the investments initiated.
2 The SFOE forwards the report to the FOEN.
3 On a random basis, the SFOE checks:
a. the implementation of individual measures; segundo. the use of global financial assistance.
4 The canton makes the documents underlying the report available to the SFOE on request.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 111 Refund of unused amounts
Two years after the programme agreement expires, the canton shall refund the unused amounts to the Confederation.
Art. 112 Deficient performance
1 The SFOE withholds the global financial assistance for all or part of the duration of the programme agreement if the canton: 1
a. fails to comply with its reporting obligation under Article 110 paragraph 1; segundo. culpably causes a significant disruption of its own performance.
2 When the programme agreement expires, if it turns out that the canton's performance has been deficient, then the SFOE requires an improvement within an appropriately defined deadline. 2
3 If the deficiencies are not rectified, then the reclaim is determined in accordance with Article 28 of the Subsidies Act of 5 October 1990 3 .
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 3 SR 616.1
Art. 113 Cooperation
The Confederation and cantons work closely together to implement the programme.
Art. 114 Guarantee
1 The Confederation guarantees loans for equipment and processes in accordance with Article 35 paragraph 3 of the CO 2 Act if:
a. there are market opportunities for the equipment and processes; segundo. the borrower can credibly demonstrate creditworthiness; and c. the lender takes the guarantee into account in determining the interest on the loan.
2 It only guarantees loans granted by a bank in accordance with the Federal Act of 8 November 1934 on Banks and Savings Banks 1 or another appropriate lender.
3 The guarantee may secure all or part of the loan but may not exceed three million francs.
Art. 115 Granting of the guarantee
1 On application, the FOEN shall grant the borrower a guarantee if the requirements of Article 114 are met.
2 The application for granting the guarantee must include:
a. information about the borrower's organisational form and financial structure; segundo. technical documentation of the project, including a description of the equipment and processes and planned development and marketing; do. a description of the project's business model; re. information regarding the extent to which the equipment and processes meet the requirements of Article 114.
3 The FOEN may request additional information if it is required for assessing the application.
4 It may require collateral to secure the guarantee in well-founded cases. 1
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 116 Notification obligation and reporting
1 A borrower who has received a loan guarantee must inform the FOEN without delay during the duration of the guarantee about:
a. changes that could have an effect on the guarantee; segundo. changes in contact information.
2 It must submit a report every quarter to the FOEN on: 1
a. the status of the guaranteed loans; segundo. 2 the course of business and its expected development; and c. 3 the liquidity and financial structure.
3 It provides the business report, balance sheet and statement of financial performance to the FOEN annually. These must be submitted no later than three months following their completion. 4
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 3 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 4 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 117 1 Implementation
1 DETEC appoints a steering committee to administer the technology fund and by means of an administrative contract, a guarantee committee and an administrative office. It determines the principles for awarding guarantees and for the organisation.
2 The steering committee has strategic leadership over the technology fund.
3 The guarantees committee assesses the guarantee requests on behalf of the FOEN at the request of the administrative office.
4 The administrative office manages the technology fund's operations. It is responsible in particular for the assessment of guarantee requests, administration of the guarantees and the processing of guarantee cases as well as control of the reporting under Article 116. It submits a report on the technology fund's activities and financial situation to the steering committee.
5 The administrative office invoices guarantee holders for fees. The fee is calculated according to costs; it amounts to no more than 0.9 percent of the guaranteed amount per year.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 118 Financing
1 The resources for the technology funds are provided in the budget.
2 The Federal Assembly decides on the funding commitments for granting the guarantees.
3 The sum of the guarantees may never exceed 500 million francs.
Art. 119 Portion of the revenue for the public
1 The portion of the levy revenue for the public includes the portion of the collection year's estimated annual revenue for the public and the difference between the actual amount and the amount estimated two years earlier.
2 The estimated annual revenue equals the anticipated receipts plus positive or minus negative interest as of 31 December.
Art. 120 Distribution
1 The portion of the revenue for the public is distributed by insurers in each collection year on behalf of, and under the supervision of, the FOEN. The difference between estimated and actual annual revenues is balanced in the distribution two years later.
2 The following are deemed insurers:
a. providers of mandatory health insurance under the Federal Act of 18 March 1994 1 on Health Insurance (HInsA); segundo. providers of military insurance under the Federal Act of 19 June 1992 2 on Military Insurance (MilIA).
3 Insurers distribute the portion of the revenue to the public in even payments to all persons who in the collection year:
a. are subject to an insurance obligation under the HInsA or under Article 2 paragraph 1 or 2 MilIA; and b. have their domicile or place of residence in Switzerland.
4 Distributions to persons who are only intermittently insured by an insurer during the collection year are in proportion to the duration of their stay.
5 The insurers settle the amounts by deducting the distributions from the premiums due in the collection year.
Art. 121 Payouts to the insurers
1 The portion of the revenue for the public is proportionately paid out to insurers by 30 June of the collection year.
2 Decisive for the calculation of the amount for each insurer is the number of persons it has insured who meet the requirements of Article 120 paragraph 3 as of 1 January of the collection year.
3 The difference between the amounts paid out and the sum of the actual distributed amounts is balanced in each subsequent year.
Art. 122 Organisation
1 Each insurer shall notify the Federal Office of Public Health (FOPH) by 20 March of the collection year regarding:
a. the number of persons it has insured who, as of 1 January of the collection year, meet the requirements of Article 120 paragraph 3; segundo. the sum of its actual distributions in the previous year.
2 Insurers inform the insured persons regarding the amounts to be distributed when they inform them of new premiums for the collection year.
Art. 123 Compensation of the insurers
For the expenses for implementation of this Ordinance as well as the Ordinance of 12 November 1997 1 on the Incentive Tax on Volatile Organic Compounds, insurers shall be compensated a total of 30 cents per insured person who, as of 1 January of the collection year, meets the requirements of Article 120 paragraph 3.
Art. 124 Portion of the revenue for the business community
1 The portion of the levy revenue for the business community (portion of the revenue for the business community) includes the portion of the collection year's estimated annual revenue for the business community and the difference between the actual amount and the amount estimated two years earlier.
2 The estimated annual revenue equals the anticipated receipts plus positive or minus negative interest as of 31 December.
Art. 125 Distribution
1 The portion of the revenue for the business community is distributed to employers in accordance with the directives of the Federal Social Insurance Office by the OASI compensation offices (compensation offices) in each collection year on behalf of, and under the supervision of, the FOEN. The difference between estimated and actual annual revenues is balanced in the distribution two years later.
2 The compensation offices shall distribute the portion of the revenue for the business community by 30 June of the collection year. If justified, these deadlines may be appropriately extended by the FOEN on application.
3 They distribute the portion of the revenue for the business community in proportion to the employees' qualifying salary for OASI two years before the collection year. Salaries subsequently corrected due to employer reviews will not be taken into account.
4 The compensation offices distribute the portion of the revenue for the business community by offsetting them against employers' contributions due in the collection year or by a pay-out to employers. Amounts of 50 francs or more that cannot be offset will be paid out. In the event of changes being made, amounts of 50 francs or more will be offset or paid out. 1
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 126 Organisation
1 The FOEN notifies the compensation offices annually of the distribution factor.
2 The compensation offices inform claim-eligible employers annually about the distribution factor and the paid-out sums.
Art. 127 Remuneration of the compensation offices
1 The FOEN determines the remuneration of the compensation offices in consultation with the Federal Social Insurance Office.
2 The remuneration is based on a cost code, taking into account the number of employers with which the compensation offices concerned are required to settle.
Art. 128 Promotion of basic and advanced training
1 In cooperation with the cantons and professional organisations in accordance with Article 1 of the Federal Act of 13 December 2002 1 on Vocational and Professional Education and Training, the FOEN shall promote the basic and advanced training of persons engaged in activities related to the reduction of greenhouse gas emissions or coping with the consequences of increased greenhouse gas concentrations in the atmosphere.
2 Within the scope of authorised financial assistance, the FOEN shall provide grants to public and private organisations that offer basic and advanced training in the field of climate protection and coping with the consequences of increased greenhouse gas concentrations in the atmosphere.
Art. 129 Information
The FOEN informs the public particularly about:
a. the consequences of climate change; segundo. measures for reducing greenhouse gas emissions in Switzerland and abroad; do. measures for coping with the consequences of increased greenhouse gas concentrations in the atmosphere.
Art. 130 Implementation authorities
1 The FOEN implements this Ordinance. Paragraphs 2-6 remain reserved.
2 The SFOE implements the provisions relating to the reduction of CO 2 emissions from passenger cars. It is supported by the FEDRO.
3 The FCA implements the provisions relating to the CO 2 levy.
4 The FOEN in consultation with the SFOE implements the provisions relating to attestations for domestic emission reductions and the promotion of technologies for reducing greenhouse gas emissions. 1
4bis The SFOE in consultation with the FOEN implements the provisions relating to global financial assistance for the energy-efficient renovation of buildings. 2
5 In consultation with the SFOE, the FOEN implements provisions relating to the promotion of basic and advanced training.
6 The SFOE and private organisations commissioned by the SFOE or the FOEN support the FOEN in implementing the provisions relating to commitments to reduce greenhouse gas emissions.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 131 Greenhouse gas inventory
1 The FOEN maintains the greenhouse gas inventory.
2 Based on the greenhouse gas inventory, it calculates whether the reduction target under Article 3 of the CO 2 Act has been met. To this end, CO 2 emissions from fossil-thermal power plants and emission reductions achieved within the scope of compensations agreements until 2020 will not be taken into account.
Art. 132 1 Compensation for expenses
Compensation for implementation expenses is 1.6 per cent of the receipts received from the CO2 levy (receipts). 2 If receipts increase, the DETEC appropriately reduces the percentage in consultation with the Federal Department of Finance.
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Jan. 2017 (AS 2017 3293 ). 2 Amended by No I of the DETEC Ordinance of 24 Sept. 2017, in force since 1 Jan. 2017 (AS 2017 3939 ).
Art. 133 Controls and disclosure obligations
1 Implementation authorities may at any time carry out controls without prior notification, particularly of ETS companies, companies with reduction commitments, companies and persons obliged to pay the CO 2 levy and companies and persons that have applied for refunds of the CO 2 levy.
2 The implementation authorities must on request:
a. be given all information required for implementation of this Ordinance; segundo. be provided with all books, business papers, electronic data and documents required for implementation of this Ordinance.
Art. 134 Data processing
1 The data collected for implementation of this Ordinance will be made available to the implementation authorities concerned if required for implementation. In particular:
a. FEDRO to transmits to the SFOE the data required for the calculation and the collection of the penalty for large-scale importers (Art. 31); segundo. 1 the FOEN transmits to the SFOE the data required for the assessment of: 1. applications for the issuance of attestations (Art. 7, 12 and 12 a ), 2. applications for the determination of a reduction commitment, and 3. monitoring reports (Art. 9, 52, 72 and 91); do. 2 the FCA transmits to the FOEN the data required for the assessment of: 1. the fulfilment of a compensation obligation for motor fuels, 2. monitoring reports (Art. 9, 52, 72 and 91), and 3. applications for the issuance of attestations (Art. 7, 12 and 12 a ); re. the FOEN transmits to the FCA the data required for the refund of the CO 2 levy.
2 The FCA and the Swiss Organisation for Compulsory Stockpiling of Oil Products (Carbura) may exchange data in order to implement provisions relating to the compensation of CO 2 emissions from motor fuels. 3
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 3 Amended by Annex No 1 of the Ordinance of 23 Oct. 2017, in force since 1 Jan. 2017 (AS 2017 4479 ).
Art. 135 Amendments to the Annexes
DETEC shall amend:
a. Annex 2: in accordance with the criteria of Article 6 paragraph 2 of the CO 2 Act; segundo. Annex 3: in accordance with technical and economic development; do. Annex 5 number 3: for the determination of the average unladen weight of passenger cars registered for the first time in the previous year; re. Annex 7: if additional economic sectors are subject to similar framework conditions; d bis. 1 Annex 9 no. 3: if Decision 2010/2/EU 2 is amended; mi. Annex 11: corresponding to increases in the rate of the levy (Art. 94, para. 1).
1 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 2010/2/EU COMMISSION DECISION of 24 December 2009 determining, pursuant to Directive 2003/87/EC of the European Parliament and of the Council, a list of sectors and subsectors which are deemed to be exposed to a significant risk of carbon leakage, ABl. L 1 of 5.1.2010, p. 10; last amended by Decision 2017/9/EU, ABl. L 9 of 14.1.2017, p. 9.
Art. 136 Repeal of current legislation
The following ordinances are being repealed:
1. CO 2 Crediting Ordinance of 22 June 2005 1 ; 2. CO 2 Ordinance of 8 June 2007 2 ; 3. DETEC Ordinance of 27 September 2007 3 on the National Emissions Trading Registry; 4. CO 2 Compensation Ordinance of 24 November 2010 4 ; 5. Ordinance of 16 December 2011 5 on the Reduction of CO 2 Emissions from Passenger Cars.
Art. 137 Changes to current legislation
Art. 138 Conversion of unused emission allowances
1 Emission allowances that have not been used in the years 2008-2012 shall be converted on 30 June 2017:
a. for ETS companies: into emission allowances in accordance with this Ordinance; segundo. for companies with reduction commitments: into credits to compensate a failure to meet their emissions target or measures target; do. for remaining companies and persons: into attestations for domestic emission reductions.
2 Companies with reduction commitments may apply at any time to have their credits converted into attestations in accordance with paragraph 1 letter b.
Art. 139 Carry-over of unused emission-reduction certificates from the 2008-2012 period 1
1 ETS companies, companies with reduction obligations and power plant operators may apply to the FOEN to carry-over a maximum of as many unused emission-reduction certificates from the 2008-2012 period into the 2017-2020 period as it is anticipated they will be permitted to surrender to meet their obligations under this Ordinance. 2
2 Only emission reduction certificates that comply with the requirements of Article 4 may be carried over.
3 The FOEN determines the total amount that may be carried over on the basis of Switzerland's international commitments.
4 ETS companies and companies with reduction commitments will be given priority for the carry over.
5 Emission-reduction certificates that have not been carried over can be surrendered towards meeting commitments under this Ordinance by 30 April 2017 if they comply with the requirements of Article 4. 3
6 Emission-reduction certificates that have not been carried over will be cancelled by the FOEN after 30 April 2017. 4
1 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 3 Amended by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 4 Inserted by No I of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Art. 140 Attestations for domestic emission-reduction projects
1 The current CO 2 Act applies to projects that the FOEN has assessed as appropriate domestic compensation projects before 1 January 2017.
2 Emission reductions achieved from projects in accordance with paragraph 1 before 1 January 2017 and confirmed by the FOEN are eligible for application by 31 December 2017 for attestations for emission reductions under this Ordinance.
Art. 141 Calculation of CO 2 emissions from passenger cars
To calculate decisive CO 2 emissions from large-scale importers, passenger cars with CO 2 emissions of less than 50 g CO 2 /km will be taken into account as follows:
a. 2017: 3.5 times; segundo. 2017: 2.5 times; do. 2017: 1.5 times.
Art. 142 Participation in the ETS
1 ETS companies that are engaged in the activities listed in Annex 6 when this Ordinance comes into force must register with the FOEN by 28 February 2017, and submit a monitoring plan to the FOEN for approval in accordance with Article 51 by 31 May 2017.
2 Companies that are engaged in the activities listed in Annex 7 when this Ordinance comes into force must submit an application to participate in the ETS by 1 June 2017, and submit a monitoring plan to the FOEN for approval in accordance with Article 51 by 1 September 2017.
3 ETS companies that wish to be exempted from the obligation to participate in the ETS starting in 2017 must submit an application to do so by 1 June 2017.
Art. 143 1
1 Repealed by No I of the Ordinance of 8 Oct. 2017, with effect from 1 Dec. 2017 (AS 2017 3293 ).
Art. 144 Commitment to reduce greenhouse gas emissions
1 Companies with commitments to reduce greenhouse gas emissions in accordance with Article 66 that would like to apply for a refund of the CO 2 levy for 2017 must submit an application for a determination of its reduction commitment by 1 June 2017. In the application, they must provide information regarding their greenhouse gas emissions in 2010 and 2011.
2 To assess whether the commitment has been met and to assess penalties for a possible failure to meet the commitment in the 2008-2012 period, the previous legislation applies.
Art. 145 Legally authorised power plants
1 For power plants that have been legally authorised before 1 January 2011, the following apply until 31 December 2020:
a. Articles 80-85 do not apply; segundo. the CO 2 levy will not be refunded.
2 Paragraph 1 does not apply to power plants that fall within the scope of the Federal Decree of 23 March 2007 1 on the Compensation of CO 2 Emissions from Gas-fired Combined-cycle Power Plants.
Art. 146 Refund of the CO 2 levy
1 The FCA may on request provisionally refund the CO 2 levy if the company:
a. was subject to a reduction commitment in the years 2008-2012; and b. has reported to the FOEN its obligation to participate in the ETS from 2017, or submitted an application for determination of its reduction commitment or its participation in the ETS from 2017.
2 If a company fails to fulfil the requirements for participation in the ETS or if its application for a determination of its reduction commitment is rejected, then it must fully repay the refunded amounts with interest.
Section 2 a : 7 Transitional Provisions to the Amendment of 8 October 2017
Art. 146 a Attestations for domestic emission reductions
The FOEN must transfer attestations for domestic emission reductions that have been issued within the FOEN-administered database to the Emissions Trading Registry no later than 30 June 2017.
Art. 146 b Emission-reduction certificates that can no longer be entered into the Emissions Trading Registry
1 Emission-reduction certificates under Article 60 paragraph 3 that are entered into the Emissions Trading Registry before the coming into force of the amendment of 8 October 2017 must no later than 30 April 2017:
a. be transferred into the emissions trading registry of another contractual party under Annex B of the Kyoto Protocol of 11 December 1997 1 ; or b. be voluntarily cancelled under the rules of the Kyoto Protocol.
2 Emission-reduction certificates under Article 60 paragraph 3 that expire before 30 April 2017 may be replaced with the corresponding number of emission-reduction certificates that may be counted in accordance with Article 4 under the rules of the Kyoto Protocol.
3 Expired emission-reduction certificates will be cancelled.
Anexo 1
Annex 2 1
(Art. 4 para. 2 let. b)
1. The following emission reduction certificates are not taken into account:
a. certificates for emission reductions that were not achieved in one of the least developed countries (Least Developed Countries, LDC) on the list of the United Nations; segundo. certificates for emission reductions that were achieved from projects for biological CO 2 sequestration or geological CO 2 capture and CO 2 sequestration; do. certificates for emission reductions that were achieved through the use of hydro power plants with installed production capacity of over 20 MW; re. other certificates for emission reductions that were not achieved through the use of renewable energy, the end user's improved energy efficiency, methane flaring and avoidance of methane emissions at landfills, municipal waste recycling or waste incineration plants, recycling of agricultural waste, waste water treatment or through composting; mi. already used emission reduction certificates.
2. In addition, emission reduction certificates are not taken into account if:
a. the emission reductions were achieved in violation of human rights; segundo. the emission reductions were achieved under conditions that had significant negative social or ecological effects; do. their counting would contravene Swiss foreign and development policy.
3. Number 1 letter a does not apply to:
a. emission reduction certificates from projects that have been registered before 1 January 2017 in accordance with Article 12 of the Kyoto Protocol of 11 December 1997 2 ; segundo. emission reduction certificates for emission reductions achieved before 1 January 2017 from projects in accordance with Article 6 of the Kyoto Protocol of 11 December 1997.
Annex 3 1
No attestations are issued for a domestic emission-reduction project or programme if the emission reductions have been achieved through:
a. the use of nuclear energy; segundo. the use of biological or geological CO 2 sequestration; exempted is the biological CO 2 sequestration in wood products; b bis. the re-waterlogging of moors and wetlands; do. research and development or information and consultation; re. the use of fuels derived from renewable resources that do not meet the requirements of the Mineral Oil Tax Act of 21 June 1996 2 and associated implementing regulations; mi. a motor fuel changeover from petrol or diesel vehicles to natural gas vehicles; excluded is the change of entire vehicle fleets; F. the replacement of fossil heating boilers with fossil heating boilers.
1 Revised in accordance with No II of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 SR 641.61
Annex 4
Calculation of decisive CO 2 emissions from passenger cars lacking the information listed in Article 24 or 25 paragraph 1
1 Calculation of decisive CO 2 emissions
1.1 Petrol motor and manual gear change 1. CO 2 = 0.047 m + 0.561 p + 56,621 1.2 Petrol motor and automatic gear change: CO 2 = 0.102 m + 0.328 p + 9,481 1.3 Petrol motor and hybrid electric drive: CO 2 = 0.116 m - 57,147 1.4 Diesel motor and manual gear change: CO 2 = 0.108 m - 11,371 1.5 Diesel motor and automatic gear change: CO 2 = 0.116 m - 6,432 CO 2 . combined mass of the CO 2 emissions in g/km m: unladen weight of the passenger cars in accordance with Article 7 of the VTS 2 on Technical Requirements for Road Vehicles in running condition in kg p: maximum engine power in kW
2 Rounding of the CO 2 mass
The combined CO 2 mass is rounded to the nearest whole number as follows:
a. If the digit following the decimal point is 4 or less, then the number is rounded down. segundo. If the digit following the decimal point is 5 or greater, then the number is rounded up.
1 Only passenger cars with real mechanical gear shifts with the code В«m? В» in accordance with FEDRO's list of abbreviations are deemed to have manual gear change. 2 SR 741.41
Annex 5 1
The target for small-scale importers and manufacturers is calculated using the following formula for each individual passenger car:
Permissible specific emission: 130 + a В· (m - M t-2 ) g CO 2 /km.
The target for large-scale importers is calculated using the following formula for each large-scale importer:
Permissible specific emission: 130 + a В· (M i, t - M t-2 ) g CO 2 /km
a: 0.0457 (gradient of the straight line of the target value) m: unladen weight of the passenger car in accordance with Article 7 VTS 2 on Technical Requirements for Road Vehicles in running condition in kg M i, t . average unladen weight of the importer's passenger cars registered for the first time in the reference year i in kg M t-2 . average unladen weight of the passenger cars registered for the first time in Switzerland in the penultimate calendar year before the reference year in kg
The average unladen weight is as follows:
In 2010. 1453 kg In 2011. 1465 kg In 2012. 1493 kg In 2017, 1492 kg In 2017. 1507 kg
1 Revised by No I of the DETEC Ordinance of 9 May 2017 (AS 2017 1103 ) and 5 March 2017, in force since 1 May 2017 (AS 2017 1043). 2 SR 741.41
Annex 6 1
A company that engages in at least one of the following activities must participate in the ETS:
1. Combustion of fossil or partial fossil fuels with a total rated thermal input of over 20 MW; excluded is the combustion of fossil or partial fossil fuels in fixed installations whose main function is the disposal of municipal waste in accordance with Article 3 letter a of the WastMA 2 ; 2. Refining of mineral oil; 3. Production of coke; 4. Roasting or sintering, including palletisation, of metal ore, including sulphide ore; 5. Production of pig iron or steel (primary or secondary fusion) including continuous casting, with a capacity of over 2.5 tonnes per hour; 6. Production or processing of ferrous metals including ferro-alloys in which combustion units with a total rated thermal input of over 20 MW are operated; 7. Production of primary aluminium; 8. Production of secondary aluminium in which combustion units with a total rated thermal input of over 20 MW are operated; 9. Production or processing of non-ferrous metals, including production of alloys, refining, foundry casting, etc. in which combustion units with a total rated thermal input (including fuels used as reducing agents) of over 20 MW are operated; 10. Production of cement clinker in rotary kilns with an installed production capacity of over 500 tonnes per day or in other furnaces with a production capacity of over 50 tonnes per day; 11. Production of lime or calcination of dolomite or magnesite in rotary kilns or in other furnaces with an installed production capacity of over 50 tonnes per day; 12. Manufacture of glass including glass fibre with a melting capacity of over 20 tonnes per day; 13. Manufacture of ceramic products by firing, in particular roofing tiles, bricks, refractory bricks, tiles, stoneware or porcelain, with an installed production capacity of over 75 tonnes per day; 14. Manufacture of mineral wool insulation material using glass, rock or slag with a melting capacity of over 20 tonnes per day; 15. Drying or calcination of gypsum or production of plaster boards and other gypsum products in which combustion units with a total rated thermal input of over 20 MW are operated; 16. Production of pulp from timber or other fibrous materials; 17. Production of paper or cardboard with an installed production capacity of over 20 tonnes per day; 18. Production of carbon black involving the carbonisation of organic substances such as oils, tars, cracker and distillation residues, where combustion units with a total rated thermal input of over 20 MW are operated; 19. Production of nitric acid; 20. Production of adipic acid; 21. Production of glyoxal and glyoxylic acid; 22. Production of ammonia; 23. Production of bulk organic chemicals by cracking, reforming, partial or full oxidation or by similar processes, with an installed production capacity of over 100 tonnes per day; 24. Production of hydrogen (H 2 ) and synthesis gas by reforming or partial oxidation with an installed production capacity of over 25 tonnes per day; 25. Production of soda ash (Na 2 CO 3 ) and sodium bicarbonate (NaHCO 3 ).
1 Revised in accordance with No II of the Ordinance of 8 Oct. 2017 (AS 2017 3293 ), and Annex 6 No 2 of the Waste Management Ordinance of 4 Dec. 2017, in force since 1 Jan. 2017 (AS 2017 5699). 2 SR 814.600
Annex 7 1
(Art. 42 para. 1 letter a and 66 para. 1 letter a)
1. Cultivation of plants in greenhouses; 2. Quarrying of rock, soil or other mining activities; 3. Processing of agricultural and fishery products for the production of food products or animal feed products; 3 bis. Fattening of pigs and poultry; 4. Manufacture of beverages; 5. Manufacture of tobacco products; 6. Manufacture and cleaning of textiles; 7. Manufacture of veneer sheets, plywood, wood fibre and wood-based panels as well as pellets; 8. Manufacture of wood-fibre pulp, pulp, paper, paperboard, cardboard, products made out of paper and paperboard such as corrugated paper, packing materials, hygiene products and wallpapers, manufacture of drying-intensive print products (without printing of newspapers, heliographs and reprography); 9. Manufacture of coke and refined petroleum products; 10. Manufacture of chemical and pharmaceutical products and the associated technology development; 11. Manufacture of plastic products; 12. Manufacture of glass, glass products and ceramics, processing of rock and soils (without processing and treatment of natural stone) and the manufacture of asphalt products; 13. Manufacture and processing of basic metals, heat treatment and coating of metals as well as painting of bodywork, except in mechanical workshops and locksmith shops; 14. Manufacture of central heating, metal forging and roll-forming, manufacture of wire products, chain and springs; 15. Manufacture of generators, transformers, domestic appliances and electrical wires and cables; 16. Manufacture of watches and clocks; 17. Manufacture of machines for activities described in numbers 1-16, of pumps, compressors, automobiles, other vehicles and motors; 18. Operation of public baths, artificial ice-skating rinks, tourist hotels and steam-operated ships; 19. Warehousing operations in distribution centres; 20. Production of fossil-generated heating or cooling energy, possibly coupled with the production of electricity that feeds into regional district heating or cooling networks or is delivered to companies that are engaged in the activities listed in numbers 1-19 and 21. 21. Cleaning of barrels, containers and other packaging that are used in connection with the activities listed in this Annex.
1 Revised in accordance with No II of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Annex 8 1
1. The maximum total quantity of emission allowances available each year to all ETS companies as a whole is calculated as follows:
Cap i = [в€‘Г˜FZ + в€‘Г˜emissions ] * [1 - (i-2010) * 0.0174]
Cap i Emissions cap for the year i в€‘Г˜FZ: Sum of the average emission allowances allocated annually in the 2008-2012 period to fixed installations that were already taken into account in the ETS in the 2008-2012 period and will again be taken into account in the ETS starting in 2017 в€‘Г˜emissions: Sum of the average greenhouse gases emitted annually in the 2009-2011 period by the fixed installations and the greenhouse gas emissions that will be newly taken into account in the ETS starting in 2017
2. The quantity referred to in number 1 is reduced if an ETS company that produced its needed heat from fossil fuels draws the heat for the first time from a fossil-thermal power plant under Article 22 of the CO 2 Act.
1 Revised in accordance with No II of the Ordinance of 8 Oct. 2017, in force since 1 Dec. 2017 (AS 2017 3293 ).
Annex 9 1
1.2 If no product benchmark applies, then the quantity of emission allowances to be allocated free of charge annually is calculated based on the heat benchmark as follows: 62.3 emission allowances per TJ of measurable heat. 1.3 If neither a product benchmark nor a heat benchmark applies, then the quantity of emission allowances to be allocated free of charge annually is calculated on the basis on the following thermal-fuel benchmark: 56.1 emission allowances per TJ heating value of the used thermal fuels. 1.4 If none of the benchmarks described in numbers 1.1-1.3 is applicable, then the quantity of emission allowances to be allocated free of charge annually is calculated on the basis of 0.97 times the median of the annual process emissions in the years 2005-2008 or 2009-2010. 1.5 No emission allowances are allocated free of charge for the production of electricity. 1.6 No emission allowances are allocated free of charge for heat resulting from the manufacture of nitric acid.
2.1 The free-of-charge allocation is calculated per sub-installation for each year of participation in the ETS, subject to number 4, according to the following formula: Allocation i = BM * AR * AF i * SKF i
Allocation in year i
Activity rate (referring to the relevant benchmark)
Adaptation factor in year i in accordance with Annex 9 no. 3
Cross-sectoral correction factor in year i
2.2 The benchmark is determined per sub-installation on the basis of the benchmark hierarchy described in numbers 1.2-1.4. 2.3 The activity rate refers to the relevant benchmark. It is determined at the initial allocation for each sub-installation and is adapted for each significant capacity change. The activity rate for the initial allocation generally corresponds to the median annual values in the years 2005-2008 or 2009-2010. If no sufficiently long representative reference period exists for the derivation of the activity rate or a significant capacity change has occurred, then the installed capacity as well as a decisive load factor are used to derive the activity rate relevant for allocation. 2.4 The installed capacity of an installation refers to the installation's sub-installations. It is a measure that is used to assess the materiality of capacity changes and to calculate the free-of-charge allocation of new installations and significantly modified installations. The FOEN calculates the installed capacity of an installation on the basis of the two highest monthly activity rates in a predefined time period.
3.1 For sectors and subsectors that are not listed in the Annex to Decision 2010/2/EU 2. the quantities calculated in accordance with numbers 2 and 4 are multiplied by the following of adaptation factors: 3.1.1 for the year 2017: 0.8 3.1.2 for the year 2017: 0.7286 3.1.3 for the year 2017: 0.6571 3.1.4 for the year 2017: 0.5857 3.1.5 for the year 2017: 0.5143 3.1.6 for the year 2018: 0.4429 3.1.7 for the year 2019: 0.3714 3.1.8 for the year 2020: 0.3
3.2 If an ETS company delivers heat to a third party, then the customer's adaptation factor is decisive.
4.1 No emission allowances are allocated free of charge for indirect emissions from the use of electricity. For benchmarks of production processes that can be operated with either thermal fuels or electricity, 0.465 t CO 2 per MWh will be deducted for the indirect emissions from electricity used. The quantity of emission allowances to be allocated free of charge annually is calculated in these cases as follows: Allocation i = (E direct /(E direct +E indirect ))*BM * AR * AF i * SKF i
Cross-sectoral correction factor in year i
4.2 Production processes that are covered by the following product benchmarks can be operated either with thermal fuels or electricity: 4.2.1 Refinery products 4.2.2 Carbon steel obtained using the electric arc process 4.2.3 High-alloy steel obtained using the electric arc process 4.2.4 Cast iron 4.2.5 Mineral wool 4.2.6 Gypsum paperboard 4.2.7 Industrial soot ("Carbon Black") 4.2.8 Ammonia 4.2.9 Steam cracking 4.2.10 Aromatics 4.2.11 Styrene 4.2.12 Hydrogen 4.2.13 Synthetic gas 4.2.14 Ethylene oxide and ethylene glycol
1 Revised in accordance with No II of the Ordinance of 8 Oct 2017, in force since 1 Dec. 2017 (AS 2017 3293 ). 2 2010/2/EU COMMISSION DECISION of 24 December 2009 determining, pursuant to Directive 2003/87/EC of the European Parliament and of the Council, a list of sectors and subsectors which are deemed to be exposed to a significant risk of carbon leakage, ABl. L 1 of 5.1.2010, p. 10; last amended by Decision 2017/9/EU, ABl. L 9 of 14.1.2017, p. 9.
Annex 10
(Art. 86 para. 1 and 89 para. 2)
Motor fuels for which CO 2 emissions must be compensated
Customs tariff number 1
Emissions factor t CO 2 per 1000 kg
Emissions factor t CO 2 per TJ
Emissions factor t CO 2 per m 3
Petroleum spirit and fractions thereof, without aviation fuel
at a calorific value (Hu) of 42.5 MJ/kg
with a density* of 744 kg/m 3
at a calorific value (Hu) of 43.7 MJ/kg
with a density* of 715 kg/m 3
Petroleum oil, incl. aviation petrol
at a calorific value (Hu) of 43.0 MJ/kg
with a density* of 800 kg/m 3
at a calorific value (Hu) from 42.8 MJ/kg
with a density* of 835 kg/m 3
Liquefied natural gas
at a calorific value (Hu) of 46.5 MJ/kg
with a density** of 451 kg/m 3
Natural gas in gaseous state
at a calorific value (Hu) from 46.5 MJ/kg
with a density*** of 0.793 kg/m 3
LPG (butane, propane)
at a calorific value (Hu) of 46.0 MJ/kg
with a density* of 540 kg/m 3
Annex 11 1
Tariff of the CO 2 levy for thermal fuels: 60 francs per tonne CO 2
Customs tariff number 2
Coal; briquettes, ovoids and similar solid fuels manufactured from coal:
- black coal, whether pulverized or not, but not agglomerated:
- briquettes, ovoids and similar solid fuels manufactured from coal
Lignite, whether agglomerated or not, excluding jet:
- lignite, whether agglomerated or not, but not agglomerated
Coke and semi-coke of coal, of lignite or of peat, whether or not agglomerated; retort carbon
per 1000 l at 15 В°C
Petroleum oils or oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70% or more of oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations; waste oils:
- petroleum oils or oils obtained from bituminous minerals (other than crude) and preparations not elsewhere specified or included, containing by weight 70% or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, other than those containing biodiesel and other waste oils:
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