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EU Carbon Plan May Breach National Contracts, Deutsche Bank Says

A European Union draft plan to restrict use of United Nations Emission Reduction Units and other UN credits issued after this year may breach commitments made by some EU members, Deutsche Bank AG said.

Countries from Lithuania to Cyprus may have handed out approval letters to companies cutting emissions through this year and beyond, Isabelle Curien, an analyst in Paris at the bank, said today in an e-mailed research note. The draft EU plan may make it unlawful for companies to hold credits issued beyond this year in their registry accounts, she said.

“Given that not all pre-2013 emissions reductions can be verified before Jan. 1, 2013, it would appear that member states could be in breach” of those commitments should the draft amendment be implemented, Curien said.

The commission may have run out of time to implement its plan because a Climate Change Committee vote probably won’t take place until Dec. 13 and a three-month scrutiny period would follow, the bank said.

“It is only after these processes have been completed that the technical information technology work necessary to implement the new/amended provisions of the registry regulation in the EU registry system could be launched,” Curien said.

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