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Gazprom M&T interested in Romanian carbon trading

London-based and Russian-owned Gazprom Marketing and Trading (GM&T) is looking for opportunities in the Romanian carbon trading market

November 2009 - From the Print Edition

“A significant amount of our activity is focused on central and eastern European carbon markets, therefore any new opportunities could be complementary to our current portfolio,” Maciek Stefanski, Regional Manager Global Carbon, Gazprom M&T, told The Diplomat.
In principle, carbon transactions with private and state owned Romanian companies are of interest to GM&T, states Stefanski.
GM&T is expanding to new markets, looking to be involved in transactions on voluntary emission reduction activities and internationally traded certificates, such as carbon credits including AAUs (Assigned Amount Units).
Romania has a massive excess of carbon credits to sell. Under the Kyoto Protocol, the country has to reduce gas emissions by eight per cent based on figures for its 1989 industrial output.
This means that between 2008 and 2012 Romania has the right to emit 1,279 billion tonnes of CO2 equivalent. According to this year’s data, Romania will release 37 per cent much less than the value agreed under the Protocol between 2008 and 2012.
This is due to the mass closure of inefficient and polluting Communist-era factories and the rise of the service economy.
This means Romania can sell AAUs for each tonne of CO2 it does not emit to developed countries. Romania must then use the cash from these carbon credits for green projects that help the environment to reduce gas emissions, such as rehabilitating central heating systems of Communist-era blocks or promoting renewable energy development, including solar, wind, biomass and small hydro power.
Such a project could bring billions of free money for green projects. “The Green Investment Scheme is an instrument which can bring surefire benefits to the economy and environment in the medium and long term,” says a spokesperson for the Romanian Ministry of the Environment.
Romania is currently drawing up a law which should allow the sale of carbon credits.

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