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Netherlands to buy points under Kyoto protocol by funding Bulgarian projects
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  • SOFIA (AFP) Sep 21, 2004
    The Netherlands on Tuesday agreed to fund two gas distribution projects in Bulgaria that will earn it carbon reduction credits under the Kyoto protocol on global warming, the Dutch embassy in Sofia announced.

    The deals will earn it more than four million emission reduction units (ERU), the embassy said in a statement. A unit costs an average 5.39 euros and amounts to one tonne of carbon dioxide.

    The Netherlands will help fund a project by Overgas Inc. to provide gas for the Sofia municipality and another with local company Biovet, to build a heating and power station in Peshtera, in southern Bulgaria.

    The Kyoto Protocol requires industrialised countries to trim their emissions of carbon dioxide (CO2) and five other greenhouse gases back to levels 5.2 percent lower than what they were in 1990, by between 2008 and 2012.

    It allows them to buy gas gas reduction credits by participating in environmental protection projects in other countries.

    When the deals with Biovet and Overgas Inc. are signed on April 1, Bulgaria will become the Netherlands' main source of reduction credits, the embassy said.

    Bulgaria is eager to trade credits in order to attract investment and boost its industrial activity, which slowed down after the fall of communism in 1989 when most of its state-owned enterprises collapsed.

    It already has similar contracts with Switzerland and Austria,




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