Brussels, 26/01/2011 (Agence Europe) - Having fallen victim to cyber-attacks, as a result of their security systems not being sufficiently robust, the national registries of online transactions on the carbon market, which were suspended at 7.00pm on 19 January (see EUROPE 10298), remain closed. The security of the registries has been improved over the last few days, the Commission said on the evening of Tuesday 25 January. Jos Dilbeek, Director at the European Commission's DG Climate, said in a hearing with the European Parliament environment committee that it was unlikely transactions could resume on Wednesday 26 January.
On Friday of last week, member states' experts on the EU climate change committee were unanimous in approving the Commission decision to suspend transactions, firm in the belief that the security of 14 member states' registries was not fit for purpose. On Monday, agreement was reached on guidelines on the minimum requirements to be satisfied by each national registry before online transactions can begin again as normal. These (confidential) minimum requirements seek to ensure that every company holding emissions allowances in a national registry enjoys an appropriate level of protection. Climate Commissioner Connie Hedegaard wrote to the ministers in all member states calling on them to follow up this issue and ensure that the guidelines were implemented. At the same time, member states have been asked urgently to provide the Commission with an independent report confirming that the minimum security requirements have been put in place. “The Commission is now awaiting these reports from member states before national registries are fully re-activated”, the Commission says. The cost of the theft of emissions allowances by cyber-fraudsters has been put at some €30 million, but the practical implications of the suspension so far are restricted to less than one fifth of the normal daily market volume, as the overwhelming part of the market is in futures. Jo Leinen (S&D, Germany), chairman of the Parliament environment committee, said it was regrettable that confidence in the emissions trading scheme (ETS) had been seriously eroded. “It is high time we had a European emissions allowance trading scheme and got rid of the 27 different systems we have at present”, he said. (A.N./transl.rt)