Bulgaria to Offer 3.227 M GHG Allowances at Early Auctions

Energy | October 30, 2012, Tuesday // 17:58|  views

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Bulgaria plans to offer a small portion of its greenhouse gas emission allowances at early auctions of phase III of the European Union Emissions Trading Scheme (EU ETS) staring on January 1, 2013, according to the press office of the Ministry of Environment and Water.

New Regulations concerning EU ETS monitoring and reporting and accreditation and verification will apply to emissions from 1 January 2013.

Large industrial installations and airline operators covered by the EU ETS will be required to buy increasing amounts of emission allowances at auctions.

Bulgaria, alongside 23 other EU Member States, will offer its quotas at the single EU-wide auction platform (only Germany, the UK, and Poland have national trading platforms).

Bulgaria can offer for sale 3.227 million emission allowances at the early auctions starting in November 2012.

The procedures will be organized by the European Energy Exchange.

"Thanks to the efficiency of work and the good organization between the Ministry of Environment and Water, the Bulgarian National Bank and the Finance Ministry, the short deadlines imposed by the European Commission were observed. As a result, Bulgaria is the first EU Member State which fulfilled all requirements, successfully carried out the necessary auctions, and will be able to offer the greenhouse gas allowances at the first auction at the temporary common auction platform," the statement of the Bulgarian Environment Ministry says.

The legal regime of such procedures for spending the money from the auctions will be set out in detail in the Law on Limiting Climate Change.

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Tags: greenhouse gas emissions, Ministry of Environment and Water, greenhouse gas emitters, EU Emission Trading Scheme, auctions, EU member states


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