Switzerland announces today that the first link-up between the EU ETS and its national carbon market is delayed to 2014.
In the effort to improve its voluntary domestic scheme, Swiss government planned to link its CO2 market to the EU $120-billion scheme on January 1st, 2013 but lengthy reforms procedures made unfeasible the time scheduled.
The announcement came soon after the country pledged to be legally bound to cut its GHG emissions by a 20 percent under 1990 levels by 2020 under the second commitment period of the Kyoto Protocol. According to the submission published on the UNFCCC website, Switzerland will allow the use offsets including CO2 credits from new market based mechanisms other than those allowed during the first commitment period (CERs and ERUs).
The amount of carbon credits Switzerland will need to achieve its target it’s not yet specified but the document specifies it will force larger emitter companies to directly buy the offsets surrendering them to the government rather than through the current direct government purchase mechanism.
(Image: House of Parliament, Bern. Photo Credit: Felix Imobersteg/Flickr).