One of the key foundations under the European Emission Trading Scheme (EU ETS) is the independent verification of each installation’s annual CO2 emissions. Based on a February 2005 survey of 21 member states,
Verification: Assuring the credibility of the European Union emissions trading scheme highlights the inconsistencies among EU members’ approaches to the verification, which are adding unnecessary uncertainty and increasing costs for companies covered by the scheme.
Companies need to submit their verified emission report to the national competent authorities by 31 March 2006. Considering all the processes that need to be put in place before verification can proceed, the first legal deadline for companies is worryingly close. Given that verifiers will, in all likelihood, need to go through an accreditation process of some sort before they can submit a verification statement, the main message to (multinational) companies is not to delay. They need to establish contact with potential verifiers as soon as possible and jointly investigate all necessary requirements and risks.
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