Ukraine to sell carbon emission rights to Spain

16:20, 24 November 2009
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Ukraine`s government...

Ukraine`s government has ordered its environment investment agency to sign a deal selling carbon emission rights to Spain, according to a decision published on Tuesday, according to Reuters.

The government`s decision said it wanted to sell 3 million Assigned Amount Units (AAU) to Madrid and gave no further details of the transaction facilitated by the Kyoto Protocol`s emission trading scheme.

Prime Minister Yulia Tymoshenko said in July Ukraine wanted to earn $2 billion from CO2 rights sales after Japan bought 30 million AAUs earlier this year. Ukraine said that deal was worth $375 million.

The government had said in May it was looking to sell this year 100 million AAUs to Swiss-based Dighton Carbon SA and another 50 million to New Zealand`s Tawhaki International LP.

Ukraine was allocated 4.5 billion AAUs between 2008-2012 but due to a deep recession and steeply falling industrial activity, it estimates it needs to use only 2.8 billion. The country is allowed to sell about 450 million AAUs a year.

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