Emission Allowances

The European Union, and Greece as a Member State by ratifying the Kyoto Protocol with Law 3017/2002, has agreed to reduce anthropogenic greenhouse gas emissions in order to protect the climate system effectively. EU having identified climate change as a priority for action, adopted Directive 2003/87/EC aiming to fulfil its commitments through the establishment of an efficient European market in greenhouse gas emission allowances, with the least possible negative consequences on economic development and employment.

The emission allowances trading system was introduced to the national legislation through the Ministerial Decision 54409/2632/2004 that initially referred to stationary installations only, but which was later amended with Decision 57495/2959/Ε103/2010 to include aviation activities.

The European Union Emissions Trading System (EU ETS) that was launched in 2005 as the world’s first international company-level system for reducing CO2 emissions cost-effectively, is now in its third phase covering years 2013 to 2020. The main characteristics of the currently running Phase 3 are the system-wide upper limit (“cap”) set on the overall greenhouse gas emissions of the covered installations, as opposed to the national caps of the previous phases, and the use of auctions as the basic means of allocating allowances to the interested parties.

Starting from the 12th of October 2014, LAGIE S.A. assumed the role of, and remains until today, the national Auctioneer representing the Greek Government in the allowance auctions conducted through the European Common Auction platform.

 

Useful Links

European Union Emissions Trading System (EU ETS) 

Common European Auction Platform (ΕΕΧ)

Clearing and Settlement through ECC 

Ministry of Environment, Energy and Climate Change (Greenhouse Gas Registry)