LONDON: The European Commission on Friday gave approval for companies in a further five European Union states to exchange United Nations-backed offsets for EU Allowances under the bloc's carbon market.
The move will allow participants in the EU's Emissions Trading System (ETS) to use cheaper Certified Emissions Reductions (CERs) or Emissions Reduction Units (ERUs) to meet emissions targets ahead of an April 30 compliance deadline.
Governments had been required to outline exactly how many offsets each power plant, factory and airline covered by the ETS is allowed to use between 2013 and 2020.
The Commission said in a statement it approved so-called International Credit Entitlement (ICE) tables for the Czech Republic, Finland, Hungary, the Netherlands and Slovenia on March 28.
It has already given approval for 17 nations, including Germany, Britain and Spain.
"The outstanding tables are expected to be approved in two more batches.
The tables covering Belgium, Denmark, France and Italy are expected to be approved next week, and the tables covering Bulgaria and Sweden after Easter," the Commission said.
The approved tables will now be uploaded to the bloc's emissions trading registry, after which account holders will be able to swap eligible CERs or ERUs for EUAs - the staple currency of the EU's ETS.
In an effort to limit costs for participants in the ETS, companies can use a limited number of offsets to cover their emissions between 2008 and 2020.
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