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Participants in the European Union Emissions Trading Scheme (EU ETS) used 81.15 million tonnes of Kyoto Protocol carbon offsets last year, a 1.7 percent fall over 2008, EU Commission data showed on Monday.Monday's figures also supported preliminary EU data published on April 1, showing the European recession slashed greenhouse gas emissions covered under the scheme by 11.3 percent in 2009 to around 1.87 billion tonnes of carbon dioxide.The new data showed that 77.93 million Certified Emissions Reductions (CERs) and 3.22 million Emissions Reduction Units (ERUs), offset credits issued by the United Nations to clean energy projects, were used for 2009 compliance by a fraction of the 11,300 installations operating under the scheme.Usage of CERs, which come from projects in developing nations, fell by 4.55 million or 5.5 percent in 2009, while usage of ERUs, which come mainly from eastern European countries, surged to 3.22 million, up from 48,338 in 2008.Around 2,600 installations participating in the scheme, including power plants, cement factories and steelmakers, have now turned in turned in 163.68 million CERs and ERUs in the first two years of the scheme's second phase, which runs from 2008 to 2012.Offsets present a cheaper way for participants to meet their emissions targets when investment in abatement proves more expensive. Participants will be able to use a total of around 1.4 billion offsets by 2020, or over 100 million per year.With the scheme's overall emissions cap set to tighten from 2013, and EU carbon permit prices expected to rise sharply as a result, many installations are saving their offset quota for use in future years.The UN has issued 411.3 million CERs to date, meaning 39 percent of those have now been surrendered by EU ETS participants. This compares to 58 percent of the 5.6 million ERUs issued to date having now been turned in to cover EU emissions.Benchmark CER prices , trading on the European Climate Exchange, traded down 41 cents or 3.1 percent to 12.82 euros a tonne on Monday afternoon.Last week, Societe Generale forecast between 80 million and 100 million CERs and ERUs to be surrendered for 2009. According to the bank, a maximum 160 million offsets were available for surrendering in the ETS, which were mostly CERs.Installations in the EU ETS faced a deadline of April 30 to surrender carbon permits and offsets against their 2009 emissions.Market analysts Carbon Market Data said on Monday 116 installations were declared non-compliant as of the end of April, meaning they could face steep fines based on how many tonnes of carbon dioxide they emitted over their quota.(Reporting by Nina Chestney and Michael Szabo; Editing by Keiron Henderson)
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