CIG sources confirm that Spain and Poland have recently entered into a $37.5 million emission trading deal, the first of its kind for Poland.
The new contract will assist Spain in meeting its Kyoto Protocol obligations, agreed under the 1997 treaty and will inject significant finance into greenhouse gas reduction projects in Poland.
CIG believes the Polish Environment minister was quoted as saying “The Polish Green Investment Scheme has been designed to ensure effective and transparent management of revenues from the sale of AAUs and monitoring the subsequent environmental impact.”
The Green Investment Scheme aims to allow Poland to reinvest the earnings from carbon emission credits into greenhouse gas reduction projects including grants for biomass, biogas electricity and heat production and the development of the present electricity network to incorporate and integrate the use of renewable energy sources to reduce CO2 emissions from conventional power sources.
CIG understands that the deal, the first of a number under negotiation, was overseen by the Multilateral Carbon Credit Fund, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank’s (EIB) key instrument in their strategy for combating climate change.
It has been reported that Poland is also negotiating similar deals with Ireland and some Asian nations, although details of the latter are still unclear.
