Romania to sell Carbon credits
Romania will begin to sell its surplus of carbon dioxide emission certificates to the interested states following a relevant resolution approved Wednesday by the government, announced Economy Minister Adriean Videanu.
According to the official, the resolution sets the legal and institutional framework for the development of the green investment schemes, aimed at the efficient use of the CO2 emissions surplus.
The certificates total 300 million tons of CO2 emissions to be sold by one million ton packages, added the minister.
A governmental working group is to be set up to start the talks with the states interested in the Romanian permits, the group including officials of the ministries of the economy, finances, environment and foreign affairs, Videanu explained.
The targeted states are members of the Kyoto Protocol that set the polluting emissions limits, said Videanu, adding that Japan and the European countries are among the states Romania plans to sell its carbon permits to.
Videanu explained that the money obtained from such sale will be used for investment in green technologies, in coal gasification, in the upgrading and retooling of the power stations, in investments involving the use of renewable energy sources, in cutting the greenhouse gas emissions, for putting hybrid and electrical vehicles in transport, forestation and waste management.
The Kyoto Protocol set up an international joint effort to limit greenhouse effect by reducing carbon dioxide emissions and a treaty to allow the exchange of carbon emission as a commodity.
Under the Kyoto Protocol, Romania has to reduce gas emissions by 8 percent based on figures for its 1989 industrial output. This means between 2008 and 2012, Romania has the right to emit 1,279 billion tons of CO2 equivalent. Romania currently emits 40 percent less carbon than its limit set by the Kyoto Protocol and could cash out some 1 billion euros (1.31 billion U.S. dollars) each year by selling the surplus.