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Opinion: creation of single market mechanism for trading in pollution credits to allow increase in foreign investments inflow

Kyiv. September 20, 2010

Creation of single carbon market between Ukraine, Belarus, Kazakhstan and Russia, initiated by Ukraine, will allow for faster development of necessary legislative framework to regulate man-made emissions of greenhouse gases into the atmosphere, an associate from Volkov Koziakov & Partners Olena Hladyuk believes.
This was her comment to Interfax-Ukraine Agency on stated initiative that has been promulgated by the National Environment Investment Agency of Ukraine the other day.
“A single market mechanism of trading in pollution credits will create prerequisites to raise material funds for modernization of economic sectors, possibility to reduce development pressure on the Ukrainian territory,” Ms. Hladyuk said.
According to her, should such trade mechanism be available, this will give rise to significant interest of business entities in reduction of greenhouse gas emissions and discover some alternative funding sources for these projects based on international cooperation mechanisms. Moreover, it might lead to the material social, economic and environmental benefits.
Thus, Ms. Hladyuk supposes that implementation of the idea will provide Ukraine with the possibility for proactive use of mechanisms, provided under the Kyoto Protocol as a part of the UN Framework Convention on Climate Change.
At the same time, the Associate pointed out that all preliminary arrangements geared for Ukraine to implement the provisions of the United Nations Framework Convention on Climate Change and Kyoto Protocol thereto did not create proper prerequisites for effective application of the aforementioned provisions by Ukraine. The national system of estimation of anthropogenic emissions and absorption of greenhouse gases was brought into line with the international requirements at a snail’s pace.
Reportedly, the National Agency of Ecologic Investments of Ukraine is initiating the creation of carbon market jointly with the Russian Federation, Kazakhstan and Belarus as these countries use the same technologies inherited from Soviet times.
Today the development of relevant legislation in Ukraine is underway. Earlier, the Kazakh and Belarusian governments submitted the respective draft laws for consideration.
According to the authority, to date Ukraine approved 12 projects of joint implementation through the international procedure and 179 projects – through the national procedure. Total investments obtained by the Ukrainian enterprises within the said projects amount to EUR140 mln.
The projects operated through joint implementation mechanism are carried out by the countries to the Kyoto Protocol. At that, the country empowers the enterprise realizing the project to transfer emission reduction units to a foreign investor who provides finances for the project concerned.
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