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| Home » Environmental protection » EU Community Independent Transaction Log
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EU Community Independent Transaction Log |
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EU Community Independent Transaction Log handles responsibilities for verifying transactions conducted by registries located in Europe. In December 2008, EU Community Independent Transaction Log is slated to connect with UN International Transaction Log.
Connection with UN International Transaction Log
European Commission has revealed that by December 2008, all necessary work required to connect EU Community Independent Transaction Log with International Transaction Log will be carried out. European Union, member states of EU, and UN Framework Convention on Climate Change Secretariat have successfully tested all requirements for connecting the two bodies.
As of now, European Union member state registries are directly connected to Community Independent Transaction Log. But after CITL's connection with ITL, all EU member registries will also be connected to International Transaction Log. With this arrangement, transaction data related to EU member registries will be passed on to EU Community Independent Transaction Log for verification and recording.
Accounting systems
EU Community Independent Transaction Log maintains an electronic accounting system that assists in tracking emission allowances and carbon credits of entities participating in carbon markets.
EU Community Independent Transaction Log's electronic accounting system will be linked with that of UN International Transaction Log. Once the two electronic accounting systems are linked together, both CITL and ITL will allow entities to transfer certified emission reductions to member state registries where they have their own accounts. This will allow organizations to get more carbon credits at their disposal.
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