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France makes carbon credits VAT-exempt

The French Budget Ministry has made European Union carbon emissions permits and Kyoto offsets exempt from value-added tax, emissions exchange BlueNext said, adding that spot trade will remain halted until Wednesday morning.

The French exchange, the main marketplace for spot trading of EU carbon permits, halted the trade on Monday morning after the French emissions registry was closed last Thursday and Friday due to technical difficulties. Trading in futures continued.

“The Exchange will be closed for two days to allow for members to make any necessary changes to their systems and to inform their customers,” BlueNext said in a press release.

It said it will re-open on Wednesday, June 10 at 8.00 a.m. and that all other market rules for remain unchanged. The French registry said it had resumed operations at 10.00 a.m. Paris time (0800 GMT) on Monday.

No other European carbon spot exchanges are reported to have halted trading.

BlueNext is a joint venture between NYSE Euronext and Caisse des Depots. (Reuters)