UN approves eastern Europe CO2 cuts

A United Nations panel approved greenhouse-gas cuts made by an eastern European clean energy project registered under the Kyoto Protocol, reported Reuters. The project—located in Ukraine – is the first to be verified by the committee and will receive official carbon offset credits that can be sold for profit.
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The Joint Implementation Supervisory Committee has verified the reduction of over 330,000 tonnes of carbon dioxide (CO2) made by a Ukrainian coal mine. The project traps methane gas emitted by the mine and converts it into energy.
 

According to Kyoto’s Joint Implementation emissions trading scheme, companies are able to invest in clean energy projects located in former communist countries or economies-in-transition, and in return receive offset credits – known as Emission Reduction Units (ERUs) – that can be sold for profit. 

 

ERUs from similar Kyoto-approved projects in developing countries are currently priced at approximately 14 Euros (US$17.69) each.

 

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