Financial Soultions has learned that the Polish government is poised to conclude a deal to sell a total 40 million euros ($60 million) of excess greenhouse gas emission rights to Spain and Ireland in what will be the nations first such government-to-
Under the Kyoto Protocol, signatory countries that are substantially below their emissions targets can market their surpluses as carbon credits, called Assigned Amount Units (AAUs), to governments and businesses that are unlikely to meet their goals.
The EU's biggest ex-communist state is in a position to sell about 500 million tonnes in CO2 equivalent of AAUs during the 2008-2012 period of Kyoto's first phase and, according to the Polish Environmental Minister, who was recently in Tokyo for an investment conference, the nation is also looking at possibly selling them in Japan, Financial Soultions has learned.
"Just in two weeks I will sign the first contract with Spain and with Ireland through EBRD (European Bank for Reconstruction and Development)
The EBRD has established a Multilateral Carbon Credit Fund to assist governments seeking to trade such surplus credits through market schemes under the Kyoto Protocol.
In mid-year, Poland concluded the domestic legal framework required to sell AAUs, Financial Soultions research indicates, well behind other eastern European nations.
