Aug 15: The United Nations Framework Convention on Climate Change (UNFCCC) Secretariat has awarded the multi-million dollar contract to build the electronic infrastructure required for settling emission trades under the Kyoto Protocol, the International Transaction Log (ITL). The contract went to Trasys SA, an IT company based in Belgium. The company subcontracted the European company LogicaCMG to maintain the system’s day-to-day operation. Richard Kinley, acting head of the UNFCCC Secretariat said, “Both companies are solid members of the IT community. They bring strong reputations and many years of experience from developing and operating similar systems in other markets.”
The Kyoto Protocol requires 35 industrialized countries to reduce greenhouse gas emissions below levels specified for each of them in the Protocol. Overall, this should amount to reductions of at least 5% below 1990 levels between 2008 and 2012. The ITL will be connected to the emissions trading registries of all the industrialized countries that sign up to the Kyoto Protocol. Kinley said, “Awarding this contract is a significant milestone in finalizing the systems to make carbon trading under the Kyoto Protocol a reality. We remain on track for Kyoto countries' systems to link to the ITL and become fully operational by April 2007.” Companies investing in climate friendly projects can obtain additional carbon credits in exchange for every tonne of emissions saved through the Kyoto Protocol’s project-based mechanisms (Clean Development Mechanism and Joint Implementation, i.e. CDM & JI). These can then be freely traded on the carbon market.
Access a UNFCCC release (click here). Access the UNFCCC website with links to extensive information including details of the CDM and JI programs (click here). [*Climate]
Tuesday, August 15, 2006
Subscribe to:
Posts (Atom)
