Slovakia’s Environment Ministry wants new partner for emissions sales

Slovakia’s Environment Ministry announced it would do everything in its power to find a new business partner for further sales of the country’s excess emissions quotas of greenhouse gases, the SITA newswire reported.

Slovakia’s Environment Ministry announced it would do everything in its power to find a new business partner for further sales of the country’s excess emissions quotas of greenhouse gases, the SITA newswire reported.

Environment Minister Jozef Medveď held an informal meeting with journalists on November 26 and said that Slovakia wants to sell 35 million tonnes of carbon dioxide emission quotas contracted to the US company Interblue Group to someone else. The minister refused to provide more information as it concerns a business deal between Slovakia and a private company to which the country originally agreed to sell 50 million tonnes of emissions.

Interblue Group purchased the first 15 million tons a year ago for €5.05 per ton. According to a supplement to the contract, Slovakia should receive a one-euro bonus per ton within a year of quota transfer at the latest, for spending the money acquired in this deal on so-called green investments (GIS projects). The price would increase if the proceeds are spent on a Green Investment Scheme to €6.05 per ton, which means that the additional payment should reach €15 million.

Nonetheless, Slovakia approved the GIS only last week and included thermal insulation of residential buildings covered from the money for sold quotas into the plan. Medveď told SITA that after his appointment he took steps to meet expectations and requests also of the public to approve a Green Investment Scheme in order to fulfil the terms for the one-euro bonus per ton of AAU.

This was implemented in a very short period of time. Slovakia managed to submit the relevant documents to its partner on time so that the US company is to pay out the €15 million bonus. The extra payment should be remitted in two sums. The first €5 million is expected to arrive on Friday and the remaining €10 million on December 4. SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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