UN to revoke Bulgaria's CO2 emission trade accreditation.

By bne IntelliNews May 14, 2010
The United Nations Climate Change Secretariat decided to revoke Bulgaria's accreditation to trade with carbon dioxide (CO2) emission quotas, environment minister Nona Karadzhova said. The decision is preliminary and the final one is expected by end-June, which means that companies still have about six weeks to sell their excess quotas. Minister Karadzhova was not optimistic that any positive changes may take place. The Secretariat found serous flaws in the system for measuring emissions reported in the annual report of Bulgaria, submitted in April 2009. As a result, it claimed that the country had failed to fulfil the recommendations made in 2007. The suspension may be lifted in November at the earliest. We remind that in April the EC approved the plan for CO2 quotas trade for the period from 2007 through 2009 after several rejections.

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