EC adopts final rules to enable CO2 spot trading from Jan 1

London (Platts)--21Dec2004

The European Commission has adopted the final part of the emissions trading
directive that sets up the electronic registries system to track ownership of
the emissions allowances, it said Tuesday. The 12,000 industrial plants taking
part in the European Union's emissions trading scheme are to each have an
account in their national registry into which their governments are to deposit
their allowances from Jan 1, 2005 when the ETS starts. The registries system
will mean that a spot market can develop from Jan 1, said the EC, which would
"promote and increase the pace and size of the market." Any organization or
individual will be able to open a trading account in any of the registries,
said the EC. Participants access their accounts through the internet to trade
with others or redeem their allowances against their emissions--the allowances
only exist electronically. The EC has developed a transaction log to ensure
that all transfers follow the rules. The log is to have a public website from
Jan 1 at http://europa.eu.int/comm/environment/climat/home_en.htm.

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