International transaction log
The international transaction log (ITL) was established by the UNFCCC secretariat to verify the validity of transactions of Kyoto units:
The secretariat shall establish and maintain an international transaction log to verify the validity of transactions, including issuance, transfer and acquisition between registries, cancellation and retirement of ERUs, CERs, AAUs and RMUs and the carry-over of ERUs, CERs and AAUs (13/CMP.1, Annex, paragraph 38).
The secretariat is required to provide support to the international transaction log by developing a web-based interface that contains information on emission reduction units (ERUs):
The Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol ...
- Requests the secretariat, inter alia, with a view to establishing an overview of all joint implementation projects, to develop a Web-based interface that shall be used by designated focal points
of Parties that have provided information in accordance with paragraph 20 of the joint implementation guidelines and host joint implementation projects to: ...
- Provide information to the international transaction log on the establishment of joint implementation projects implemented in accordance with paragraph 23 of the joint implementation guidelines;
- Receive project identifiers of joint implementation projects issued by the joint implementation information system, thereby ensuring their uniqueness, and used by the international transaction log (3/CMP.3, paragraph 4(b)-(c)).
There have been some delays in the ITL becoming operational and connecting to the EU ETS transaction log (the Community Independent Transaction Log, or CITL). The go-live of European registries with the ITL, which must occur through the CITL according to EU Commission policy and which was original planned for November 2007, has been postponed.
Recently, some registries have successfully linked to the ITL, and several others have been confirmed as technically ready to link. The list of registries that have successfully linked or have been confirmed as technically ready to link is available here.
The EU has announced that the CITL/ITL link will be established by April 2009. This is recognised as a very conservative date, however, and it is possible that linking may take place sooner.