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The Low Carbon Economy Ltd

03 Feb 2011 10:02:10

Carbon registries in some countries to reopen

Carbon registries in some countries to reopen
Carbon registries in some European Union (EU)countries are due to reopen tomorrow (February 4th), amid warnings a continued closure could irreversibly damage the market.

France, Germany, the Netherlands, Slovakia and the United Kingdom are set to reopen their registries for physical trading tomorrow after satisfying officials that the minimum security restrictions are in place.

Spot trading of allowances was suspended on January 19th following the suspected theft of credits from the Czech Republic, Austria and Greece, worth up to €30 million (£25.6 million).

Barclays Capital warned recently "irreversible damage" could be caused if traders and investors lose confidence in its regulatory protection.

"Anyone wanting to engage in criminal activity can open up an account in a registry, take delivery of EU emission allowances, transfer them on and receive payment," the financial institution said, calling for the sale of credits to be restricted to those companies which are required to comply with the scheme.

The European Federation of Energy Traders called for the reopening of the market earlier this week, saying: "The absence of a secure trading infrastructure supporting the main European carbon marketplaces will rapidly become untenable." ADNFCR-1235-ID-800382869-ADNFCR

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