Russia may earn $1.5 billion through CO2 emissions trading - UES

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MOSCOW, September 16 (RIA Novosti, Andrei Reznichenko) - Russia will be able to receive $1.5 billion between 2008 and 2012 by selling its emissions credits for carbon dioxide emissions to other Kyoto protocol countries, an official from Unified Energy Systems (UES) said Friday.

Andrei Gorkov, head of the Energy Carbon Fund of Russian energy monopoly UES, said the cost of buying emissions credit for one metric ton of carbon dioxide will be around 10-12 euros.

Other countries may exceed their CO2 emissions quotas by 100 million tons. "Multiplying this by 10-12 euros gives 1-1.2 billion euros [around $1.5 billion]. Russia may be able to receive this sum through the Kyoto protocol in a best-case scenario," Gorkov said.

Russian President Vladimir Putin signed up to the Kyoto protocol on climate change on November 4, 2004. Through the agreement, signatory countries must bring their average emissions of six greenhouse gases from 2008-2012 to 5.2% below their 1990 levels. Russia's target is based on the emissions levels of the entire Soviet Union in 1990, which were far higher than in present-day Russia.

Japanese companies are showing an interest in buying Russia's CO2 emissions credits, Gorkov said.

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