European Communities (Greenhouse Gas Emissions Trading) Regulations 2004 (S.I. No. 437 of 2004).

These Regulations establish and specify the procedures in Ireland for participation by specified installations in the European Community greenhouse gas emissions trading scheme, in accordance with the provisions of Directive 2003/87/EC of the European Parliament. The Regulations also provide for recognition of greenhouse gas allowances issued by competent authorities in other Member States and for a bar on the transfer of allowances by installations that do not comply with the reporting and verification requirements and the payment of penalties by operators who fail to surrender for cancellation allowances equal to emissions during the preceding year. The Regulations allow for the inclusion of additional activities and gases in the greenhouse gas emissions trading scheme from 2008 and specify that this may only be done with the approval of the Minister and the European Commission. The Regulations amend the provisions in the Environmental Protection Agency Act 1992 with respect to integrated pollution prevention and control licensing and to obligatory and optional provisions for the Agency to coordinate that code with the procedures for emissions trading. Unused allowances are to be cancelled within four months of the end of each trading period. Additional and non-transferable allowances in the event of force majeure are allowed with the approval of the European Commission. The Environmental Protection Agency is required by the Regulations to make annual reports to the European Commission on greenhouse gas emissions trading.