Friday, October 14, 2005

Ireland looking at paying €600m bill for failing Kyoto.

Swampy: The Kyoto treaty is a fine wealth redistribution tax that is disguised as something useful. Russia is happy because most of this money will be going to them because they have the credits. Probably be a good idea to take this "fine" and reinvest into Ireland. But that would make too much sense.

IRELAND could face a total bill of between €500 million and €600m for failing to meet its greenhouse gas limits under the Kyoto Protocol. But the Government yesterday said it would only have to pay €280m once a series of gas-cutting measures were introduced. A report commissioned by the Department of Environment found Ireland significantly in breach of its limits under the Kyoto agreement. The legally binding treaty sets Ireland to a greenhouse gas emission limit of 13% above 1990 levels by the first commitment period 2008-2012. The report estimates that Ireland will produce 8.1 million more tonnes of carbon dioxide per annum than it is supposed to under the protocol. The Government plans to pay for the violation through an emissions trading system, under which countries breaching their limits can buy credits from countries below their limits.

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