MINSK, 11 November (BelTA) - Belarus, Russia, Kazakhstan and Ukraine plan to establish a single regional carbon market, Irina Rudko, the chief of the international cooperation department of the Ministry of Natural Resources and Environmental Protection, told reporters.
Development of this market does not depend on the ratification of the Belarusian amendment to the Kyoto Protocol. Large-scale enterprises from the four countries are expected to work on this market. Each of them will create a system to record greenhouse gas emissions and the activities that help reduce these emissions. Thus, the market participants will be able to share their experience, carry out joint projects, and attract financial resources. “For example, Belarus can share its experience in restoring degraded wetlands. We are leaders in this area. In return, we can get investment support. Or for example, if Russia fails to meet its emission reduction targets it can buy quotas from us,” Irina Rudko said.
The regional carbon market operates successfully in the EU countries, the United States, the expert added.
When asked how long it will take to develop such market, Irina Rudko said, “Not everything is simple here. To develop a regional carbon market is a lengthy and complicated process.” In addition, large Belarusian companies are just starting to form their systems of recording gas emissions. “Local companies report on some types of CO2 emissions. We do not have a full picture yet,” the expert noted.
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