This is the first step towards introducing a national greenhouse gas emissions trading system
On Thursday evening, 12 December, Ukraine’s Parliament passed the Law No. 0875 on the fundamentals of monitoring, reporting and verification of greenhouse gas emissions.
335 MPs voted for the Law, 2 abstained, 39 did not vote. This is the first stage of introducing the greenhouse gas emission allowance trading in Ukraine.
The system of monitoring, reporting and verification of СО2 emissions should be launched on 1 January 2021.
“The adoption of the draft law will be the first stage of introducing the greenhouse gas emission allowance trading in Ukraine,” explains Svitlana Grynchuk, Director of the Department for Climate Change and Ozone Layer Preservation, Ministry of Energy and Environmental Protection.
In June 2020, the Ministry is going to finalize and adopt a regulatory framework for emissions monitoring. Companies will be able to commence monitoring on 1 January 2021.
They will have to present their first monitoring reports for 2021 by 31 March 2022. Companies will have three months for verification and reporting.
The Ukrainian Parliament believes that the system will in general offer specific economic stimuli to reduce greenhouse gas emissions.
Establishing national trading schemes for greenhouse gas emission allowances has been provided for by Directive 2003/87/EC. Ukraine has been consistently implementing this Directive in accordance with the EU-Ukraine Association Agreement.