The in the coming months. Though an exact date is yet to be announced, the software has been successfully tested and according to the EU’s executive commission, the link will surely go live before December 2008.
Under the EU Emission Trading Scheme , industries are issued a limited number of emission permits to stipulate a cap on the amount of greenhouse gases that they can generate. Industries can exceed the limit by trading with those with extra permits or investing in clean technology in developing countries to earn Certified Emission Reductions ( CERs) under the UN’s (CDM).
The carbon link will facilitate the transfer of CERs issued under the CDM to the registries of the EU. Carbon traders are hoping that the technical link will be up and running soon as the first major CER contract settlement is due on 1 December 2008. European Commission’s Barbara Helfferich said:
“We had a successful test run. Now we have to see that the U.N. is also ready, so setting the date is under negotiation … It should be shortly.”
Related posts:
EU-UN Carbon Link to Go Live in October, CER Prices Rise — Carbon Offsets Daily
on Aug 7th, 2008
@ 1:55 pm:
[...] We reported yesterday that the software linking the carbon trading schemes of the EU and United Nations will be ready before December, but now there seems to be greater certainty about the timing. The EU’s Executive Commission is looking at the first half of October to connect its carbon trading registry with that of the UN. Timing is of essence because 1 December 2008 marks the date for settlement of CER contracts and failure to get the link working by then will lead to defaults on contracts. [...]