TNBiz (TNBiz)
Markets  |  December 27, 2012 11:33:57

Since January, the emission allowances auctioned will flow state tens of billions of crowns


PRAGUE (MEDIAFAX) - Tens of billions of crowns by the state should give so-called auction of emission allowances. From January will start to work law, which governs the auction.

The government of Prime Minister Petr Necas (ODS) estimates that the auction of emission allowances could bring to the Treasury over the next seven years, from 40 to 120 billion. And it is also clear about how they should spend the money to use.

Ministry of the Environment had established itself as a significant part of the revenues of state allowances will use the grant to continue the Green Investment Scheme. Resort Minister Tomáš Chalupa (ODS) anticipates that by 2020 this program divides at least 28 billion was collected from the sale of allowances.

"I'm glad that the law was approved by the Chamber of Deputies and a new program to reduce the energy consumption of buildings, which will be financed from the sale of emission allowances, nothing gets in the way. Excluding this Act program could not arise at all," he said in the fall after adoption of the draft Chalupa (ODS).

Some of the proceeds to finance also go on increasing the energy efficiency of Czech industry, especially in the heat.

The European Commission had in 2007 committed to reduce greenhouse gas emissions by 2020 by at least 20 percent compared to 1990. Member States must, in accordance with EU directive to use at least 50 percent of the proceeds from the auctioning of allowances for specific activities related to reducing greenhouse gas emissions and adapt to the negative impacts of climate change.

For the next seven years will become available to 645 million allowances. More than half of these, approximately 342 million allowances auctioned in auctions and 303 million allowances Czech industry gets free, to avoid a sudden increase in the cost of individual companies. You must, however, saved money to invest in environmental measures.

The principle of the European Emission Trading System (EU ETS) is to create financial incentives to reduce emissions by businesses that emit less carbon dioxide than is the amount of allocated emission allowances can sell unused allowances to companies that they do not have enough contrast. Undertaking that would for the calendar year has not surrendered emission allowances equivalent emissions produced would be forced to pay a fine in the amount of EUR 100 for each permit have cast.

Miroslav Kyncl, kyncl@mediafax.cz

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