17 Feb 2011 10:02:15

Climate change minister calls for tighter security for carbon registries

Climate change minister Greg Barker has called for tighter security measures to be put in place surrounding European Union (EU) carbon registries.

Spot trading of allowances was suspended for two weeks earlier in the year following the theft of almost €30 million (£25.6 million) worth of credits from the registries of the Czech Republic, Austria and Greece.

Mr Barker has now written a letter to climate change commissioner Connie Hedegaard suggesting the registries are "akin to bank accounts" and "similar security features should be standard across EU registries".

"These include universal adoption of 'two-factor authentication', where access to the registry needs more than just a password, but also an additional confirmation of identity similar to the card-readers increasingly used by banks," he added.

The minister also called for regular checks to take place to test for any "vulnerabilities" within the security systems.

In total, seven countries have reopened their carbon registries, with France, Germany, the Netherlands, Slovakia and the UK among the first to do so.

During the shutdown, Barclays Capital warned the sale of emissions credits should be restricted to those required to comply with the Emissions Trading Scheme to maintain the integrity of the market.