26 October 2009 | Luca Del Buono
Carbon, Energy, Finance/insurance, Asia, Europe

 

Poland is expected to, within the next coming weeks; sign over their surplus in greenhouse gas emissions to Spain and Ireland.

The deal is the first of it's kind for the country under the Kyoto Protocol, and said to be worth 40 million euros.

The Kyoto Protocol allows nations that are below their emission targets to sell their surpluses in the form of credits called Assigned Amount Units (AAU) to others governments that are over their carbon emission targets.

The polish government has reported that they have up to 500 million tons in CO2 to sell to other countries until 2012.

"We have several programs which are ready and we're waiting for the money. I think now we can accelerate the discussions. I think the first transaction will open the door for other negotiators, other possibilities", Environment Minister Maciej Nowicki.

Poland will use this new source of income on programs to cut greenhouse gas emissions such as, renewable energy sources, energy efficiency and new energy technologies.

Click here for Reuters article

 

Author: Caitlin Martinez

Photo: Phot43/flickr

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