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Emission trading: More than 8 million emission allowances transferred
Account creations in emissions trading registry and allotment of emission certificates completed for 2005
Year of issue
Date 15/06/2005
Date 15/06/2005
Trade in the rights to emissions of climate-damaging carbon dioxide is proceeding as scheduled. The German Emissions Trading Authority (DEHSt) at the Federal Environment Agency (UBA) has virtually completed issuance of the 495 million emissions certificates available in 2005. More than eight million have already been transferred, or traded, in Germany since March. Cooperation between the German Registry and CITL (Community Independent Transaction Log) in Brussels as well as the other six member states whose registries are online has been without incident. This is proof that EU emissions trading is operational. Businesses should now make advantage of the new flexibility in environmental protection and the opportunity to trade carbon dioxide,” said Professor Dr. Andreas Troge, President of the Federal Environment Agency.
As of now, seven of the 25 EU member states’ national registries are in operation and connected to the central registry which reviews and confirms every national and international transaction in the EU. Of the seven activated registries, there are two other “big” participants in emissions trading with a high volume of total emissions. They are Great Britain and France, who have commenced trading although issuance of emission allowances to operators is not yet completed.
In only a few of 1,849 applicant cases in Germany could accounts not be opened in the national emissions trading registry. Operators have either not yet submitted the necessary documentation, or the plants are no longer subject to compulsory emissions trading. Furthermore, DEHSt has already opened more than 70 person holding accounts, and some 30 more applications are pending. Person holding accounts are mainly used by national and international traders of emissions allowances.
“The volume of emission allowances transferred demonstrates that trading is rising steadily,” said Dr. Hans-Jürgen Nantke, DEHSt Director. “We hope for even more vigorous trade when those European countries who have not yet allotted their emission allowances have joined in.” Emissions trading in Europe began on 1 January 2005 as a new economic instrument in climate protection. As of this date, participating businesses in the energy and industry sectors that emit climate-damaging carbon dioxide (CO2) must possess emission allowances. If a company does not dispose of sufficient allowances, it may reduce its CO2 emissions by implementing climate-friendly technologies and fuels, or it must acquire additional allowances on the market. In Germany, the DEHSt has allotted 495 million emission allowances to existing installations for 2005. A reserve of three million allowances has been assigned for new installations.