2008-12-16
Ukraine, Russia Will Stockpile $89 billion of Carbon Credits. By Katarzyna Klimasinska and Mathew Carr. Bloomberg News, December 16, 2008. "Ukraine and Russia plan to stockpile credits to release greenhouse gases jointly valued at $89 billion, saving them for use by their factories, power plants and home heaters under a new global-warming treaty taking effect in 2013. Both nations are building up surpluses of credits, or rights to release heat-trapping gases regulated by the Kyoto Protocol accord to stem climate change... The decisions by Russia and Ukraine illustrate how they are preparing for the next decade rather than selling spare credits to nations such as Spain or Italy. Those countries are short of Kyoto credits, called 'assigned amount units,' or AAUs. They will have to buy them in the markets or from other nations with surpluses."
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