Ukraine resumes monitoring greenhouse gas emissions and prepares to trade emission quotas
9 January 10:49
The Verkhovna Rada has adopted Law of Ukraine No. 12131 “On Amendments to Certain Legislative Acts of Ukraine on the Restoration of Monitoring, Reporting and Verification of Greenhouse Gas Emissions.” This is reported on the website of the Ukrainian parliament, Komersant ukrainskyi reports.
The bill was supported by 298 MPs with their votes.
An important argument in favor of the adoption of this law was that the document was developed to comply with the strategic course of the state for Ukraine’s full membership in the European Union and fulfill Ukraine’s obligations under the Ukraine Facility.
Why the monitoring should be resumed
The system of monitoring, reporting and verification of greenhouse gas emissions has been operating in Ukraine since January 01, 2021 and was an important component of the greenhouse gas emissions trading system.
However, due to the imposition of martial law due to the armed aggression of the Russian Federation against Ukraine, reporting under the greenhouse gas emissions monitoring system became voluntary in accordance with the Law of Ukraine “On Protection of the Interests of Reporting Entities and Other Documents in the Period of Martial Law or State of War”.
The reintroduction of the mandatory system of monitoring, reporting and verification of greenhouse gas emissions, as stated in the explanatory note to the above draft law, will ensure the collection of verified and transparent data during martial law and will allow to move to the next step of establishing a greenhouse gas emissions trading system in Ukraine, which is the most effective market-based mechanism for reducing greenhouse gas emissions.
Accordingly, the adopted law introduces the mandatory submission of documents specified in the provisions of the Law of Ukraine “On the Principles of Monitoring, Reporting and Verification of Greenhouse Gas Emissions” for operators that have not submitted since the introduction of martial law introduced by the Decree of the President of Ukraine “On the Introduction of Martial Law in Ukraine” dated 24.02.2022.
Why it is important to ensure the fulfillment of obligations under cooperation with the EU
It is about fulfilling the requirements of the Ukraine Facility Plan. This is a program of financial support for Ukraine by the European Union, which provides for the provision of 50 billion euros from the EU to Ukraine in 2024-2027. The funds will be used to finance the state budget, stimulate investment, and provide technical support for the program’s implementation.
The Ukraine Facility Plan envisages the implementation of reforms that will lay the foundation for further economic recovery and development and Ukraine’s integration into the EU. These reforms are divided into 3 main blocks: basic reforms, economic reforms, and key sectors. The plan also has 3 cross-cutting areas, with specific measures in all chapters. These are the green transition, digital transformation, and European integration.
