Belgium buys emission rights in Hungary

30th September 2008, Comments 0 comments

Belgium uses measure of Kyoto Protocol to invest in Hungarian 'Green Investment Scheme.'

30 September 2008

BELGIUM -- Belgium is buying EUR 2 million in emission rights from Hungary. Minister of Climate and Energy Paul Magnette (Francophone socialist) has signed an agreement to invest in the Hungarian 'Green Investment Scheme'.

Under the Kyoto Protocol an industrialised country may invest in energy-saving measures in another country. This counts as part of the CO2 savings the country must make under Kyoto.

Belgium is buying emission rights in Hungary. In the framework of the Hungarian 'Green Investment Scheme' Belgium is making energy-saving investments in houses and government buildings, as well as investing in the country's renewable energy plan.

The Belgian federal government has committed to spending EUR 2.46 million on buying emission rights annually in the period 2008-2012.

The environmental agencies in Belgium are critical, saying that the government would do best to invest the money here in Belgium. Further, it is not at all clear how much emissions savings there will be in the Hungarian project. For its part, Hungary has promised to provide Belgium with an annual report.

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