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Italy Wasting EU2.2 Billion on Foreign CO2 Credits, Sandbag Says
2010-12-15 13:44:33.503 GMT
By Mathew Carr
Dec. 15 (Bloomberg) -- Italy is wasting 2.2 billion euros
($2.9 billion) on foreign carbon credits to meet Kyoto Protocol
emission targets, according to the lobby group Sanbag.
"The government's attempts to shield Italian companies
from reducing their emissions in the EU emissions trading scheme
will mean 1.7 billion euros in taxpayers' money will need to be
spent on foreign carbon credits if the country is to meet its
obligations under the UN Kyoto Protocol," London-based Sanbag
said today in an e-mailed report. "Italian companies in the ETS
are expected to spend a further 500 million euros in private
funds outsourcing their carbon reductions overseas rather than
investing at home."
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To contact the reporter on this story:
Mathew Carr in London at +44-20-7073-3531 or
m.carr@bloomberg.net
To contact the editor responsible for this story:
Mike Anderson at +44-20-7673-2718 or
manderson34@bloomberg.net
