Exchange of international credits

Operators in the EU ETS can account for emission reductions through investments in climate projects under the Kyoto Protocol project-based mechanisms JI (Joint Implementation) and CDM (Clean Development Mechanism).

This is done by the operator exchanging international credits (CER / ERU) to allowances or aviation allowances. How many credits that can be exchanged for allowances are in Sweden decided by the Swedish Environmental Protection Agency with support in the so-called RICE Regulation.

The exchange procedure replaces the previous process used during the second trading phase where a quantity of reduction units decided by the Swedish Environmental Protection Agency could be handed over as part of the compliance process.


How to perform the exchange

The operator must make sure that there are enough international credits in the account. The exchange is then made as a transfer where a specific transaction type is selected in the user interface. The credits are moved from the account and in return, the corresponding amount of allowances or aviation allowances is transferred. As long as there is an exchange amount, it is entirely up to the account holder to decide when an exchange is to be performed.

The decided exchange amount is displayed in the user interface under the Holding tab. Read more in the Union Register User's Manual

Credits exchanged by operators

The amount stationary installations are allowed to exchange for the entire period 2008-2020 is decided by the Swedish Environmental Protection Agency in accordance with the RICE regulation.

The main rule is that operators in the period 2008-2020 can use the amount that the Swedish Environmental Protection Agency has decided for 2008-2012 or 11 percent of the installation’s free allocation over the period 2008-2012, whichever is greater.

Installations that have neither received any free allocation nor the right to utilize credits during the period 2008-2012 are entitled to exchange credits equivalent to 4.5 percent of the verified emissions in 2013-2020. The same rule applies to new sectors included in the ETS by 2013.

If the 4.5-percent rule is used, the exchange rate will be adjusted each time an emission figure is verified in the Union Registry.

Credits exchanged by aircraft operators

For the period 2013-2020, aircraft operators may exchange credits up to an amount corresponding to 1.5 percent of their verified emissions during the period. This means that the amount adjusts every time an emission figure is verified in the Union Registry.


As of April 1, 2015, international credits originating in the first commitment period under the Kyoto Protocol can no longer be used for exchange. There are also other restrictions regarding certain CDM/JI projects. For more information and how the origins of the credits can be identified, see information on the European Commission website.