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Eastern EU: 'encouraged' to 30 % CO2 cuts

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Friday, 13 January 2012

Eastern EU: 'encouraged' to 30 % CO2 cuts

In the course of the Durban Climate Summit, held last December in South Africa, a proposal allowing eastern European member states to bank some €3.2 billion of unused carbon credits if they agree to extend the EU’s emissions reductions target from 20% to 30% was made in a policy paper. The Danish presidency , which views the proposed trade-off positively, may seek to advance it at the level of EU heads of state and governments.
As Martin Lidegaard, Denmark's climate and energy minister, told EurActiv, “`[t]he assigned amount unit [AAU] question is one of the elements on the table but we also have other issues such as steadying up the ambitions on the CO2 reduction targets and milestones for 2030, and they are all very closely inter-linked”. Although he added that they did not know how far they could get the AAU issue during the Presidency, Denmark's climate and energy minister said that this is an issue that they have “look at”.
Stig Schjølset, a market analyst for Point Carbon, explained that, thought the deal was vetoed by a handful of states, “there is clearly a link to be made because those countries opposing more ambitious European [CO2 reduction] targets are the same ones pushing for banking of AAUs”.
Each AAU is an allowance to emit one metric tonne of carbon dioxide equivalent. It is important to remember that former eastern bloc states were deluged with the carbon credits after the heavy polluting industries  and were intended to deter collapsed along with communism.
The issue of the 3.1 billion surplus AAUs left over from that first Kyoto commitment period is supposed to be agreed at the UN Doha Climate talks in December 2012. Yet the EU should submit its second binding commitment targets to the UN's climate change body  next May 2012

Source: Euractiv