GREENHOUSE GAS EMISSION CERTIFICATES - FINANCIAL INSTRUMENTS FOR IMPLEMENTING ENVIRONMENTAL POLICIES IN ROMANIA
GREENHOUSE GAS EMISSION CERTIFICATES - FINANCIAL INSTRUMENTS FOR IMPLEMENTING ENVIRONMENTAL POLICIES IN ROMANIA

Author(s): Cristina Oneţ
Subject(s): Economy, Law, Constitution, Jurisprudence
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: greenhouse; gas emissions; certificates; carbon credit;
Summary/Abstract: This paper aims to present and analyse how Romania succeeds in implementing a flexible and innovative European legislation on green finance, designed to support one of the most challenging environmental objectives, namely, reducing greenhouse gas emissions, until their complete elimination.The EU Emissions Trading System (EU ETS) covers emissions from around 11000 power plants and factories, as well as from air transport within and between participating countries.Romania has transposed the European legislation in this matter by adopting GEO no. 115/2011 regarding institutional framework and Governmental authorization, through Ministry of Public Finance, to auction greenhouse gas emission certificates attributed to Romania at the level of the European Union and GD no. 780/2006 regarding the establishment of the greenhouse gas emission allowance trading scheme, with subsequent amendments.Romania has opted for the solution that the amounts resulting from these financial operations be distributed to the treasury accounts of certain public authorities with competences in promoting environmental policies, following that they initiate and financially support various projects to reduce pollution by greenhouse gas emissions.

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