April 27, 2009 / 4:54 PM / 9 years ago

Hungary hands out 2008-2012 CO2 emissions permits

BUDAPEST (Reuters) - Hungary has allocated 23.911 million emissions allowances to its industry for phase two of the European Union’s greenhouse gas emissions trading scheme on April 24, the text of relevant legislation revealed on Monday.

A cloud of waste gas billows out of chimney stacks at a wood processing factory belonging to Switzerland's Krono group in the eastern German village of Heiligengrabe near Berlin in this file photo from June 2, 2004. REUTERS/Christian Charisius CHA/AKW/JOH/WS

It said power generators would receive 11.993 million pollution permits per year for the 2008-2009 period, while other sectors involved in the trading scheme were eligible for an annual 11.918 million allowances between 2008-2012.

The deadline for handing out emissions permits for the 2008-2012 trading period was February 28 last year, however, the ministry said in written response to questions that consultations hampered the allocation of the allowances.

It said Brussels approved Hungary’s national allocation plan for the current trading period earlier this month.

In the previous trading period between 2005-2007, Hungary handed out 30.236 million pollution permits to its industry per year, but similar to other countries the allocations were too generous, undermining the bloc’s efforts to reduce emissions.

The emissions trading scheme is the EU’s key tool in its fight against climate change.

Reporting by Gergely Szakacs

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