BRUSSELS (Thomson Financial) - The European Commission said the bloc will connect to the United Nation (UN)'s carbon credit registry before December at the latest.
The European Union (EU)'s Community Independent Transaction Log (CITL) and the UN's International Transaction Log (ITL) are electronic accounting systems which keep track of emission allowances or carbon credits of companies participating in the carbon market.
The linking of the two systems will enable companies to transfer certified emission reductions issued under the EU's Clean Development Mechanism into their accounts in member state registries.
The two systems will control and track transactions jointly. Currently, each member state's registry is connected to the CITL.
After the ITL and CITL are connected, each registry will be connected to the ITL only and each transaction involving an EU member state will be passed on to the CITL for recording and additional checks.
The commission said the precise date for the official connection will be announced shortly. nina.chestney@thomsonreuters.com nc/slm COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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