PODGORICA (Montenegro), February 24 (SeeNews) – Montenegro has introduced a cap and trade system for major emitters of greenhouse gases (GHG) in a bid to adapt to climate change, the Energy Community said on Monday.
"Montenegro continues to lead the way in the Energy Community in the establishment of a complete system required to reduce greenhouse gas emissions, protect the ozone layer and adapt to climate change," the Energy Community said in a statement.
The regulation introduces a regulatory framework to limit GHG emissions from industrial and energy plants in the country and also determines the total amount and minimum price at 24 euro ($26) per tonne of carbon dioxide (CO2), the Energy Community said.
The government has also established a stabilisation reserve, a method of recording the allocated emission credits, their transfer and use, as well as the purpose of the funds raised from the emission credits auction, the Energy Community noted.
The funds gathered shall be transferred into the Environmental Protection Fund and used for environmental protection measures, renewables support and financing of innovations.
The regulation was adopted by the Montenegrin government on February 6 and entered into force on February 21. Its adoption was also one of the prerequisites for opening Chapter 27 - Environment & Climate Change of Montenegro's EU accession talks.
($ = 0.92351 euro)