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This will be the first stage of introducing the greenhouse gas emission allowance trading in Ukraine

The system of monitoring, reporting and verification of greenhouse gas emissions is expected to be launched in Ukraine on 1 January 2021.

Such forecast was presented by Olga Yukhymchuk, an expert of the Department for Climate Change and Ozone Layer Preservation, Ministry of Energy and Environmental Protection, during a meeting at the Chamber of Trade and Commerce of Ukraine.

According to Ms Yukhymchuk, the Parliament is going to pass the draft Law No. 0875 on the fundamentals of monitoring, reporting and verification of greenhouse gas emissions in the second reading by the end of 2019.

“The adoption of the draft law will be the first stage of introducing the greenhouse gas emission allowance trading in Ukraine,” underlines 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.

By 31 March 2022, companies will have to present their first monitoring reports for 2021.

“Companies will have three months for verification and reporting,” clarifies Ms Yukhymchuk.

In the previous convocation of the Parliament, the draft Law No. 0875 had a different number — 9253. It was passed in the first reading on 28 February 2019.

The Ukrainian Parliament hopes 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 the Directive 2003/87/EC. Ukraine has been consistently implementing this Directive in accordance with the EU-Ukraine Association Agreement.