Germany willing to buy carbon offsets from Belarus

Germany’s Michael Otto Foundation is ready to buy carbon offsets from Belarus worth €3-5 million, the director of the public birds’ protection organization of Belarus Viktor Fenchuk told reporters.

“Here we are talking about the quotas on wetland greenhouse gas emissions within the area of 30,000 hectares,” the expert said. 

So far Belarus cannot sell greenhouse gas emission quotas under the Kyoto Protocol, but can trade in them on the international voluntary market. Domestic scientists and ecologists have developed a method to account for CO2 reductions. This method can be applied in restoration of damaged wetlands. This method conforms to international standards. About a month ago a procedure was completed to include greenhouse gas emission reductions as a result of restoration of peat bogs in the list of carbon offsets which can be traded on the voluntary market.

According to experts, the country is actually ready to trade quotas. Major European businesses are already showing interest in cooperating with Belarus in this area. Volume of carbon offsets that Belarus can sell on the international market is estimated at 50 million tonnes per year. Yet, first of all, the country needs to create a special fund that will deal with the issues of carbon offsets, and finalize the necessary legal framework.

In turn, Deputy Minister of Natural Resources and Environment Anatoly Lis noted that Belarus needs to develop a regulatory framework. The funds derived from sale of carbon offsets can only be used for environmental purposes. “This is not such a simple mechanism,” Anatoly Lis said.

According to