Negotiations for emissions banking after 2012 are stalled
The reason is a disagreement between East European and developed countries about the possibility saved allowances to be traded after 2012
Bulgaria has saved about 250 million tons carbon emissions for the period 2008-2012. The country may sell them by the end of 2012 when the current seven-year period on emissions trading is ending. If the Commission decides, these quantities can be transferred to the next programming period, which will allow the country to trade them between 2013 and 2020.
Most of the developed countries, however, are opposed because they fear that this decision will lead to a flooding on the market with surplus carbon credits and in result the prices will fall and demand will decline.
In the opinion of the ministry, published ahead of Copenhagen climate summit in 2009, it was stated that for the country is particularly important the possibility for emissions banking and trading of the surplus AAUs. "Bulgaria is one of the few countries decreased between 30 – 50 per cent emissions of harmful gases in the atmosphere compared to 1990. Bulgaria however didn’t take the opportunity to sell those emissions, as did other countries. Because of this we missed the possibility to win around 1 billion euros to invest in ecological projects. We still hope to develop a plan to be able to sell them. Otherwise that money will be lost," was said in the opinion.
"We want to transfer part of AAUs in the next period," insisted the minister of environment and water Nona Karadjova late last year. Then a group of Eastern European countries, among which Bulgaria, opposed stronger emission limits and requested banking of carbon allowances after 2012, when expires the current global climate agreement - the Kyoto Protocol.