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The same general principles applied to Phase I also apply to Phase II.

Certificates for offset under the Clean Development Mechanism (鈥楥DM鈥�) and the Joint Implementation (鈥楯I鈥�) mechanism.

CDM is one of the so-called 鈥渇lexible mechanisms鈥� under the Kyoto Protocol. The Protocol provides for a CDM as a means for companies to undertake projects in countries without a Kyoto target which reduce their emissions of greenhouse gases. Such projects may then be credited with 鈥淐ertified Emissions Reductions鈥� (CERs) which can be used for compliance by companies surrendering them to help meet their EU ETS allocations.

JI is another 鈥渇lexible mechanism鈥� which provides a means for companies to undertake projects in countries with a Kyoto target. Such projects may then be credited with 鈥淓missions Reduction Units鈥� (ERUs) which can be used by companies surrendering them to help meet their allocations under the EU emissions trading scheme.

LB Oil and Gas has confirmed with UKOITC that comparable treatment will be given to these carbon credits, where DEFRA has stipulated they can be used by operators for EU ETS compliance.

However there is a limit to the number and types of credit that can be used. For Phase II CERs and ERUs can only make up to 9.3% of the free allocation of credits and we would only be prepared to allow deductions up to that amount.

There are also other types of credits e.g. CERs from forestry (tCERs), reforestation projects (ICERs), and voluntary emissions credits (VERs) which cannot be used in the EU ETS scheme and are excluded from the ring fence and PRT. There is however nothing to stop companies dealing in these credits.