Temporary holding accounts
Temporary holding accounts are established in the CDM registry and held by Annex I project participants. Project participants receive CERs in temporary holding accounts in advance of the international transaction log (ITL) being operational and permitting the forwarding of CERs to national registries.
The UNFCCC Secretariat has confirmed that as each national registry connects to the ITL, the CDM registry will transfer the CERs from temporary holding accounts to the corresponding permanent holding accounts of project participants in that national registry.
No transfer will be made until account holders of temporary holding accounts in the CDM registry have set up a permanent account in the corresponding national registry, and communicated their national registry account identifier to the CDM registry administrator. There is no time limit for keeping temporary holding accounts in the CDM registry at this point, but if the national registry and the ITL are connected, the UNFCCC Secretariat will strongly encourage project participants to open a permanent account in the national registry and transfer all the CERs.
Once all the CERs have been transferred to the permanent account in the national registry, the temporary holding account in the CDM registry will be closed. For new issuances after this time, CERs will be forwarded directly from the Executive Board's pending account to the permanent accounts of Annex I project participants in national registries.
No transfers are permitted between temporary holding accounts in the CDM registry.
Applications for holding accounts must be submitted electronically and in hard copy in accordance with the registered modalities of communication for the project activity. Each application shall contain;
- a completed form to request the opening of a holding account in the CDM
- evidence of the current status of the entity (e.g. certificate of
incorporation and letter of good standing in the case of registered companies);
- evidence that the individual completing the application form has the
authority of the legal entity to do so (e.g. power of attorney, resolution of
the Board/Governing Body of the entity); and
- evidence of the identity of the individuals nominated as representatives of the account (e.g. national identity cards/passports) (UNFCCC website).