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 Ukraine agrees on "Kyoto Protocol money" with Spain and Japan, - Ministry of Ecology and Natural Resources

Kyiv managed to persuade the countries not to take the money back.

The Ministry of Ecology and Natural Resources of Ukraine has reached an agreement with Spain on seven targeted environmental (green) investment projects totaling UAH 270.7 mln (about $11.9 mln). The so-called "Kyoto Protocol money" was made available to Ukraine after it sold a few years ago its part of carbon dioxide emission rights to the Ministry of Agriculture, Food and Environment of Spain, Censor.NET reports citing lb.ua.

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The ministry also reports it managed to agree on the use of unspent funds with the second buyer of Ukraine's emission rights under the Kyoto Protocol - Japan. Several years ago, a deal was concluded with the New Energy and Industrial Technology Development Organization (Japanese state-owned company under the Minister of Economy, Trade and Industry, NEDO) and three private Japanese power generating companies.

The total sum received by Kyiv from Spain and Japan for the unused emission rights made EUR 470 mln. Ukraine was to use the funds until the end of 2012 but failed. However, it succeeded in persuading Spain and three Japanese contractors to extend the deadline for spending the money and not take it back, while the fourth private Japanese company is still negotiating the issue with Ukraine.

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Given the fact Ukraine should spend the money received from the private Japanese companies until March 2016, the parties agreed to tackle the situation by implementing the projects intended to supplant existing lightning fixtures with those based on LED-technology, as these are short-term projects which do not depend on weather conditions as, for example, the insulation of facades that had been previously considered. So far, 53 lightning fixture projects have been agreed upon.

NEDO, in turn, has financed technical re-equipment of Interior Ministry patrol police cars and modernization of Kyiv metro carriages as part of funds unspent in 2015.
 
 
 
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