Summary: December 15, 2004: Commissioner Dimas presents EU Emissions Trading Scheme for the first time to a global audience and pledges financial support for UNFCCC Registry System (Buenos Aires, Brussels)
Speaking to ministers from around the world at the annual UN Climate Change Conference in Buenos Aires, European Commissioner Stavros Dimas presented the EU Emissions Trading System for the first time to a global audience. Kicking off in 16 days, the EU Trading Scheme will be the first international emissions trading system in the world. Dimas also announced that the European Commission will provide an additional €300,000 in funding for the development of the UNFCCC Registry System, and
donate software valued at €560,000. The EU is the biggest sponsor of activities under the 1992 UN Framework Convention on Climate Change and its Kyoto Protocol. Starting next year, it will also assist developing countries with annually €369 million in addressing climate change.
"We do what we preach" said Commissioner Dimas, responsible for the environment. "Committed to the Kyoto targets, the EU is not only launching its emissions trading system in January, but is also providing additional financial resources towards an international sytem of trading. "
"This is another sign of the EU's commitment to multilateral efforts, " added the Commissioner. "Climate change requires a global response, and the EU is doing its share of advancing this response. "
Commissioner Dimas also underlined that the EU Emissions Trading System allows for the use of Kyoto's flexible mechanisms "Clean Development Mechanism" and "Joint Implementation". These mechanisms transfer advanced technologies to developing countries and other industrialised nations. The EU Registry System is tied to the Registry System that is being developed under the auspices of the Secretariat of the UN Framework Convention on Climate Change, thus making it compatible with international
standards.
The EU Emissions Trading Scheme will cover more than 12,000 plants across the EU´s 25 Member States, which are responsible for roughly half of the EU´s CO2 emissions. EU governments have set limits on how much CO2 the installations covered by the EU Emissions Trading Scheme are allowed to emit during a first trading period running from 2005 to 2007 by allocating emission allowances to them. Companies that stay below their emission limits, for example by investing in climate-friendly
technologies, will have surplus allowances to sell to other companies that have difficulties to stay within the allocated amount of allowances. This will make sure that emissions are reduced where it is cheapest and foster the uptake of environmental technologies.
Today at 16.30 (Buenos Aires time), Commissioner Dimas will present a video on the EU Emissions Trading Scheme to journalists and answer questions (Room Algarrobo).
Background:
The European Commission is the EU's executive organ and the body tasked to initiate and draft legislation for the EU. The legislation must then be adopted by the Council of 25 EU Ministers and the directly elected European Parliament.
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