In 2023, a legislative basis for emissions trading will appear – Bondarenko shutterstock

In 2023, a legislative basis for emissions trading will appear – Bondarenko

Katerina Belousova

The Ecocommittee is waiting for comments and proposals from business regarding STV

In 2023, Ukraine should develop legislative initiatives regarding the national system of trading quotas for greenhouse gas emissions (GHG).

This was stated by the head of the Committee on Environmental Policy and Nature Management Oleg Bondarenko at the final event "Support in the creation of STV in Ukraine" on Wednesday, February 22.

Bondarenko emphasized that STV is one of the most effective mechanisms that contribute to the reduction of greenhouse gas emissions and the achievement of Ukraine's climate goals and ambitions.

The head of the eco-committee said that in 2019 the Verkhovna Rada adopted the Law "On Principles of Monitoring, Reporting and Verification of Greenhouse Gas Emissions". The document created an opportunity to obtain reliable verified data on emissions and a basis for further development in this area.

Bondarenko emphasized that the verification system was supposed to be operational in 2022, but due to the full-scale invasion of Russia, it did not function to its full extent.

"I hope that immediately after the end of hostilities, we will see more correct results than those we saw in 2022," the head of the eco-committee noted, adding that the system will become a prerequisite for further development of the field.

He also emphasized that due to the full-scale war, it was necessary to suspend the implementation of the Updated Nationally Determined Contribution of Ukraine to the Paris Agreement (NNC2), which the Government approved in 2021. The document is designed to prevent the temperature of the planet from rising by 1.5 degrees. It covers almost all areas of the economy, including the agricultural sector, industry, heavy and chemical industry, construction, etc.

However, according to him, the suspension will not prevent Ukraine from following the path of European integration and fulfilling the requirements of the Association Agreement and assuming and fulfilling new obligations.

Bondarenko also stated that he will accompany the legislative initiatives of the Ministry of Environmental Protection and Natural Resources and expert programs on STV in the Eco Committee and the Verkhovna Rada.

He also emphasized that the eco-committee has fruitful cooperation with business representatives and the committee is waiting for comments and proposals from entrepreneurs regarding STV.

Earlier, EcoPolitic wrote, that the European Business Association suggested 4 key points which should be included in the system of trading quotas for greenhouse gas emissions of Ukraine.

As EcoPolitic previously reported, the International Monetary Fund insists that taxation of carbon emissions is the most effective tool for limiting the use of fossil fuels and related CO2 emissions.

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