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A year of emissions trading to protect the climate
Positive results after first year: Federal Environment Agency reports transfer of more than 90 million emission allowances in the national emissions trading registry
Year of issue
Date 29/12/2005
Date 29/12/2005
One year after the introduction of European emissions trading, the German Emission Allowance Trading Authority (DEHSt) at the Federal Environment Agency (UBA) can show a very encouraging track record. The national emissions trading registry shows that since its launch in March 2005 account holders have transferred more than 90 million emission allowances, representing some 18 percent of the allowances allocated in Germany in 2005. Actual trade volume was even higher since not every private market deal is immediately reflected in the registry. “Environmental pollution, emissions of the greenhouse gas carbon dioxide is now an issue for financial institutions”, said Prof. Dr. Andreas Troge, President of the Federal Environment Agency (UBA).
The Emissions Trading Registry of DEHSt at UBA is similar to an online banking system. It shows how many emissions allowances each of the more than 1,800 facilities in the energy sector and emissions-intensive industries that are participating in emissions trading has and must have to participate in trade. An account is required in part in order to be able to do a yearly balance of emissions allowances. All facility operators hold an account with DEHSt. Private citizens and organizations may also open an account and thus acquire emissions allowances. 130 such accounts were opened in 2005, making the German Emissions Trading Registry the one most used by private individuals in all of Europe. Operating an account entails a one-time fee of 200 euros for the entire 2005-2007 trading period and covers all administrative and service charges.
“We are particularly pleased about the cooperation throughout Europe”, stated Dr. Hans-Jürgen Nantke, Director of DEHSt. Transactions are coordinated (electronically) by a central European registry, the so-called Community Independent Transaction Log (CITL), currently linking 17 national emissions trading registries. It is already equipped for trade in emissions certificates issuing from projects connected to the Kyoto Protocol (Joint Implementation and Clean Development Mechanism).
The German Emissions Trading Registry and CITL ensure high security standards and availability for their users. The more than 1,000 national and European transactions that affected German accounts transpired without incident. A total of some 21 million emissions allowances were transferred from Germany to other European countries, and roughly 19 million entered Germany from abroad. The number and volume of transactions increased sharply towards the end of the year due to numerous forward contracts.