Financial Soultions: Poland announces second huge CO2 permit deal.

PR Log (Press Release) – Nov 22, 2009 – After having just finalized its inaugural carbon credits deal worth $37.5million with Spain, Financial Soultions has learned that Poland is about to follow up with the completion of a second massive carbon emission deal.

The former communist nation has, according to the Environment Minister, settled terms for a $22.3 million deal with Ireland, under the Kyoto Protocol, which allows member nations that are significantly below their emission targets to sell of the surplus as carbon credits called Assigned Amount Units (AAU’s) to governments and companies falling short of their own targets.

"In one or two weeks at most we will sign such a contract with Ireland. Together with the one already signed with Spain, they will be worth 40 million euros," Financial Soultions believes the Minister was quoted as saying at Prime Minister Donald Tusks center-right governments second anniversary.

Financial Soultions believes that Poland is currently holding 500 million tons of CO2 equivalent of AAU’s since much of its pollution intense industry  shut down after the fall of communism in 1989.

The Polish government intends plowing the profits from these deals into the Polish Green Trust aimed at cutting greenhouse gas emissions by investing in renewable energy sources, energy efficiency and clean-coal technology.

There is also a planned deal with Japan expected to be announced later this year with Poland likely to sell around $363 million worth of carbon emission permits before 2011, Financial Soultions research indicates.