European Union’s International Transaction Log Link Expected to Occur Later This Month
After continued delay and controversy, the European Commission (EC) will not connect the Community International Transaction Log (CITL) to the UN’s International Transaction Log (ITL) until the second half of October. The EC, Member States and the secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) are working on the last stages before establishment of a live connection between the CITL, the ITL and Member State registries. It is expected the final connection process between the ITL and CITL will commence on October 6 and take at least 10 days.
Once complete, a 12 hour notice period is required before transactions can be processed through the ITL, which will track the trade and transfer all Kyoto Protocol units, including European Union Allowances (EUAs), which effectively become Kyoto Protocol Assigned Amount Units (AAUs) from 2008 to 2012. The EC and UNFCCC secretariat plan to release a further update on October 16.