National Eco Fund to manage proceeds from sale of quotas

Raya Atanasova

The National Trust Eco Fund will select, evaluate and finance projects which will be implemented with funds from the sale of allocated emission quotas, amendments to the Environment Protection Act stipulate. The changes will introduce rules for the functioning of the green investment scheme. The emission quotas granted to Bulgaria under the Kyoto Protocol exceed €1 bn. The Environment Ministry is yet to seek buyers. Only Japan has expressed interest so far.

The money from the sale of emissions will be used for increasing the energy efficiency and the share of renewable energy sources in our country. With the amendments to be made in 2013, the airline industry will also be included in the scheme for trading in greenhouse gas emissions. As of January 1 until December 31, 2012, the total quantity of quotas to be allocated will be 97% of the historical aviation emissions. As much as 15% of aviation quotas will be distributed via auctions and airlines should set aside 3% as a reserve.
At the same time, the European Commission is considering the introduction of a tax on carbon.