What it is:

EU-ETS Directive 87/2003/EC, Verification of Greenhouse Gas Emissions based on the EU Emissions Trading Scheme.

The European Union, having committed under the Kyoto Protocol to contribute to the reduction of anthropogenic emissions of greenhouse gases compared to 1990 levels, has developed an extensive greenhouse gas emissions trading scheme at Company level.

The EU ETS (European Union Emissions Trading System) is a cornerstone of the EU's policy to combat climate change and a key tool for reducing greenhouse gas emissions in a cost-effective manner. It was introduced by the European Union in its Member States with Directive 87/2003/EC. It is the world's first major carbon market and remains the largest. The scheme operates on the principle of "cap and trade", where a cap is placed on the total amount of certain greenhouse gases GHGs that can be emitted by the installations covered by the scheme.

This system, which was implemented by the EU Member States on 01.01.2005 for the three-year period 2005-2007 and then for the years 2008-2012, 2013-2020 and is now in its 2021-2030 phase, is based on the innovative mechanisms established by the Kyoto Protocol, namely

• International Emissions Trading
• Joint Implementation (JI) and the
• Clean Development Mechanism (CDM).

Under this cap, Installations and Organisations receive or purchase emission allowances, which they can exchange between themselves as needed, like a commodity. Some Installations, in addition to electricity producers, receive a partial free allocation of allowances from the European Commission. From 2024, the EU ETS also covers emissions from maritime transport.

Verification under the EU ETS is crucial as it ensures the accuracy of the reported emission data, which determines the number of allowances to be surrendered by each Installation covered by the Scheme. Installations must have their Emission Reports verified by an accredited verifier to ensure that they are correct and comply with the regulations.

For an Operator of an Installation to be eligible to participate in the GHG Emissions Trading Scheme, it must:

• have emission allowances, which are the tradable unit of the system and are listed in the National Allocation Plan
• have an approved emissions monitoring plan and the relevant emissions permit which sets out the emissions monitoring and reporting requirements for an installation,
• submits to the competent authority a relevant emission report after each calendar year and by 31 March of the following year, which has been verified for adequacy and accuracy of data by independent accredited environmental verifiers.

 

Benefits from the implementation of the EU ETS:

 

The benefits of verification include:

• Compliance with regulatory requirements,
• Compliance with regulatory requirements, including compliance with EU legislation.
• Compliance with regulatory requirements, avoiding compliance with legal requirements, avoiding regulatory compliance, avoiding regulatory compliance penalties, and maintaining a good reputation.
• Verified data helps to make informed decisions on emission reductions and operational improvements.
• Strengthen transparency and credibility with stakeholders, including investors, regulators and the public, supporting sustainable business practices.

TÜV Hellas (TÜV NORD), as a Certification/Verification Body, holds the relevant Accreditation from EU ETS (Accreditation Certificate No. 884-5) and carries out EU-ETS GHG emission verifications with Greek approved verifiers, initially in accordance with Article 11 of the H.E.C.P. 54409/2632/27.12.2004 (Government Gazette 1931B'), as amended and replaced by the KYA No. 181478/965/26.10.2017 (Government Gazette 3763B') and now recently replaced by the KYA No. 181478/965/26.10.2017 (Government Gazette 3763B'). RECALLED/DKAPA/86227/2245/09.08.2024 (OFFICIAL GAZETTE 4674B').