Bloomberg News

Romania Says UN Will Probably Lift CO2 Trade Suspension by May

February 28, 2012

Feb. 28 (Bloomberg) -- The United Nations’ suspension of Romania’s right to trade greenhouse gas-reduction permits will probably be lifted by May, Environment Minister Laszlo Borbely said.

A team of international consultants completed a report showing Romania’s “significant progress” in setting up the national inventory of greenhouse-gas discharges, Borbely told reporters in Bucharest today. The east European country on Aug. 27 lost its right to trade the UN permits known as Assigned Amount Units after its environment agency failed to report the national greenhouse-gas discharges correctly.

“A UN special commission will probably meet in March to decide on whether to lift the ban starting April or May,” Borbely said. “Romania still has time to sell part of its 300 million allocated permits by the end of the year, but we are very determined to get an extension of this deadline to be able to sell them.”

During the suspension, Romania’s emissions registry wasn’t able to carry out transfers of allowances issued under the EU cap-and-trade program, created as the EU’s primary response to the UN 1997 Kyoto Protocol that imposed emission-reduction targets on developed countries.

--Editors: Elizabeth Konstantinova, Douglas Lytle

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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