Thirty days for a withdrawal of the petition to declare bankruptcy - an Event of Default in the IETA Master Agreement
- Category: IETA Agreements - Commentary
Under the point 12.2 (d) (iv) of the IETA Master Agreement (Emissions Trading Master Agreement for the EU Scheme version 3.0) a party to the IETA agreement has only 30 days to cause the withdrawal of the petition to declare bankruptcy, filed to the court with respect to it. If it fails to do so, the other party of the IETA agreement is entitled to terminate the agreement as a consequence of an Event of Default.
Taking into account, that in some countries of the European Union judicial procedures are not so efficient and the period of 30 days is far too short to do anything in this respect, it may be the considerable risk . Let’s see, how it is working on the Polish market.
 Thirty days for a withdrawal of the petition to declare bankruptcy.pdf | [ ] | 50 kB |
An error in the definition of Delivering Party’s Replacement Cost (Emissions Trading Master Agreement for the EU Scheme version 3.0)?
- Category: IETA Agreements - Commentary
It seems to be an error in the definition of Delivering Party’s Replacement Cost in the Emissions Trading Master Agreement for the EU Scheme version 3.0.
The method of accruing interest under the IETA Master Agreement and the Polish Civil Code
- Category: Emissions trading
The method for accruing interest under the Emissions Trading Master Agreement for the EU Scheme Version 3.0 2008 can evoke some problems and be a little embarrassing for a companies operating on a Polish market. We point at some possible solutions.
Emission trading schemes and rules on public aid – what is a relation between them?
Very interesting are considerations made by Court of the First Instance in the judgment of the of 10 April 2008 in Case T‑233/04, Kingdom of the Netherlands, supported by Federal Republic of Germany versus Commission of the European Communities, concerning the state aid issues in the emission trading scheme for nitrogen oxides.
Admissibility of the ex-post adjustments in NAP’s
The following judgment of the Court of the First Instance is important, because it prejudges the legality and admissibility of ex–post adjustments in national allocation plans for emission allowances. It relates to Germany, but bearing in mind that precedent, a draft of a new Polish greenhouse gas emission trading statute (version of 23.06.20008 published on the site of Polish Ministry of the Nature Conservation) also provides for such adjustments. In this case the European Commission was opposite ex-post adjustments (as incompatible with the integrity of the scheme), but it failed in the court proceedings. In the aftermath of this case, in the third trading period 2013 – 2020 it is provided expressis verbis that no ex post adjustments are admissible.
The principle of equal treatment in the functioning of the EU ETS
How does operate the principle of equal treatment in relation to the EU ETS?
Judgment of the Court (Grand Chamber) of 16 December 2008 in Case C‑127/07 contributes to explaining this matter. It also concerns, as a preliminary ruling, the validity of Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ 2003 L 275, p. 32).
An error in the Polish text of the climate legislation
- Category: Emissions trading
In the Polish translation of the Official Journal of the European Union publishing Decision No 406/2009/EC of the European Parliament And of the Council of 23 April 2009 on the effort of Member States to reduce their greenhouse gas emissions to meet the Community’s greenhouse gas emission reduction commitments up to 2020 (OJ L 140, 5.6.2009, p. 136.) we found an error in Article 5 paragraph 5.
Welcome
- Category: ROOT
There is no doubt that the European Union Emissions Trading System (EU ETS) is a key element of the European Climate Change Programme to deliver the EU’s Kyoto Protocol commitment of an 8 per cent reduction in greenhouse gas emissions below 1990 levels by 2012.
The EU ETS is the world’s largest market for carbon dioxide equivalent emissions allowances covering the 27 member states of the European Union and covering approximately half of the EU’s CO2 emissions. EU ETS is a mean of pricing carbon in the economy and of ensuring that emissions are reduced cost-effectively.
Probably in the near future EU ETS will become a building block for a global carbon market. We have to bear in mind, that EUETS is only a legal concept, so law is essential for its proper functioning and implementation.
We are convinced, that EUETS is worth of being analyzed from a legal point of view – and we will do this on that website.