June 05, 2009, 12:05 CET
Hungary to roll emission quota sale proceeds into "green" investments
The government has decided to implement a system for green investments in Hungary for a more efficient use of energy, the environment minister told reporters on Thursday. The system will use the 28.2 billion forints (EUR 98m) generated in revenues from the sale of carbon credit emission quotas, said Imre Szabo.
Under the Green Investment System projects can be submitted for financing from the summer to upgrade the insulation of buildings and to install electricity and heating systems using renewable energy, he said.
Hungary has sold to Belgium and Spain 8.6 million tonnes of carbon quotas since 2008 in trading under the Kyoto Protocol. According to experts the country could generate 270-350 billion forints (EUR 1-1.3bn) in revenues from quota trading until 2012.
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