Russia loses billions from decision delays in carbon trading
10:07, 29 May 2009
MOSCOW. May 29. KAZINFORM Russia has lost out on billions of dollars in investment and carbon trading payments due to government delays in considering environmental project applications, the head of an environmental investment group said; Kazinform refers to RIA Novosti.
Under the rules of the Kyoto Protocol, Russia is able to sell unused carbon emission allowances to other countries.
"Thirty-eight projects that were considered by Economics Ministry commissions but were not approved would have allowed us to cut emissions by 100 million metric tons per year, which would have provided with one billion euros per year," Mikhail Yulkin, director of the Ecological Investment Center in Arkhangelsk, told a roundtable meeting hosted by RIA Novosti.
The money would have added up to 5 billion euros ($7 billion) since Russia joined the Kyoto Protocol, he said; Kazinform cites RIA Novosti.
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