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The Vehicle Emissions Trading Schemes Order 2023

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CRTS credits: conversion of unused CCTS allowances

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23.—(1) A CRTS participant may acquire one CRTS credit in exchange for 167 unused CCTS allowances by making a request to the administrator if—

(a)the CRTS participant’s number of units of activity in the CCTS in a scheme year does not exceed the number of CCTS allowances which were allocated to it in accordance with article 34 for that year;

(b)the CRTS participant has more CCTS allowances than it requires in order to comply with article 38(1) (accounting for activity in the CCTS) for that scheme year (referred to in this article as “unused CCTS allowances”); and

(c)the unused CCTS allowances were allocated by the administrator for the 2024 scheme year, the 2025 scheme year or the 2026 scheme year.

(2) A request under paragraph (1)—

(a)must be made during the trading window following the scheme year for which the unused CCTS allowances were allocated; and

(b)must be for a whole number of CRTS credits.

(3) A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2024 scheme year is limited to a number of CRTS credits which does not exceed 14.3% of the number of CRTS allowances allocated to the CRTS participant for that scheme year.

(4) A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2025 scheme year is limited to a number of CRTS credits which does not exceed 12.6% of the number of CRTS allowances allocated to the CRTS participant for that scheme year.

(5) A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2026 scheme year is limited to a number of CRTS credits which does not exceed 8.25% of the number of CRTS allowances allocated to the CRTS participant for that scheme year.

(6) A CRTS credit acquired in accordance with this article may not be traded under article 25.

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