Romania’s right to trade carbon credits could be restored in March, 2012

Romania has taken significant steps into solving the irregularities in the greenhouse gas emissions inventory, and the trading of carbon certificates could be restored in March, 2012, according to Agerpres newswire that quotes Laszlo Borbely, the Romanian minister of Environment and Forestry. The Bonn Commission issued a preliminary report that acknowledged Romania’s progress in setting up the registry, while a second report is expected in January 2012.

At present Romania has around 300 million unsold AAUs, each one being equal to one metric ton of CO2 equivalent. Ideacarbon, a consultancy, forecasts that Romania will have a surplus of 537 million AAUs by 2012, when the trading program will end, due to the contraction of the economy.

Borbely added that a compensation system is currently under review at the level of the EU, which grants some gain from the AAU’s that would normally expire in 2012.  
   
Romania was deemed not in compliance with the 1997 Kyoto Protocol after an August 27 decision by the Enforcement Branch of the United Nations Framework Convention on Climate Change in Bonn.  This elad to a uspension of Romania’s right to trade its surplus carbon emmission until a new registry for emissions reporting would be put in place.

The carbon trading scheme was adopted under the Kyoto Protocol, which sets binding targets for 38 industrialized countries for reducing greenhouse gas emissions by five percent between 2008 and 2012 compared to their 1990 level.
The scheme allows around 12,000 companies including huge multinationals to buy and sell rights to pump industrial gases into the atmosphere.

Ovidiu Posirca

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