Deutsche Bank (DB) sued Total Global Steel (TGS) for breach of contract for the sale of Certified Emissions Reductions (CERs), instruments created under the Kyoto Protocol to measure and limit greenhouse gas emissions under the European Union Emissions Trading System (EUETS). The CERs DB purchased from TGS had previously been “surrendered,” or used to demonstrate compliance with emissions limitation commitments. The Court ordered TGS to pay damages to DB, since the European Commission had announced in January 2010 a check that prevented surrendered CERs from being used for compliance purposes; this check rendered the CERs purchased by DB worthless.
At Issue: Dispute over sale of ‘surrendered’ Certified Emissions Reductions (CERs)
|11/05/2012||Judgment||Download||No summary available.|