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Source: Reuters
A link between European Union and Kyoto Protocol carbon trading schemes will allow EU companies to pay developing countries for cheap greenhouse gases emissions permits from Thursday, EU officials said.
The Kyoto and EU schemes form the hub of a global carbon market expected to exceed $100 billion in trades this year.
The long-awaited link will cut the cost for European industry to comply with an ambitious EU climate program, which some industry groups want watered down after growing signs of imminent recession.
"It's up and running," a press officer for the EU's Environment Commissioner said. "Transactions are taking place and everything seems to be fine," she added of the trading link which has suffered more than a year of technical delays.
The linked schemes allow European industry participating in the EU's Emissions Trading Scheme (EU ETS) to import cheaper offsets generated from investing in clean energy projects, in countries such as China and India under Kyoto.
Market participants had been nervous that the absence of a functional link would cause sellers to default on futures contracts for December delivery, the only means of EU trade in CER offsets until now.
"In some ways it's a collective sigh of relief," said Trevor Sikorski of Barclays Capital.
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