The Bulgarian Environment Ministry has advised businesses to avoid the upcoming ban on carbon trading by recording their surplus for 2009 in the register of another European country.

According to the Ministry, by transferring the carbon dioxide surplus from allowances in last year’s European register, companies could trade the quotas, after the ban is imposed on 30 June. They however warned that accounting for the quotas if they are not sold will be impossible.

If the businesses manage to transfer their quotas it could provide between EUR 60-80 M for the Bulgarian economy.

The United Nations is going to prohibit Bulgaria from trading with greenhouse gas quotas, Environment Minister Nona Karadzhova revealed on May 13.

Speaking at a forum in Sofia, Karadzhova said a UN report under the Framework Convention on Climate Change has exposed “devastating” flaws of Bulgaria’s National System for Evaluation of the Greenhouse Gas Emissions.

The Environment Minister blamed the problems on the inactivity on part of her predecessor, Dzhevdet Chakarov.

She said the draft decision of the UN to ban Bulgaria from carbon trading will most likely be confirmed on June 30, 2010. Bulgaria is entitled to ask for a new permission for carbon trading accreditation in mid September at the earliest, and might receive it as early as November 2010, if the respective issues have been rectified by then.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!