Debt-hit Greece sees profit in air pollution: report

Jun 13, 2011
An employee walks by an index sculpture in the Hellenic Exchanges on June 2. Greece could earn up to 170 million euros for its cash-strapped treasury from a trade of greenhouse-gas emission allowances on the Athens stock exchange, a report said Sunday.

Greece could earn up to 170 million euros for its cash-strapped treasury from a trade of greenhouse-gas emission allowances on the Athens stock exchange, a report said Sunday.

Eleftherotypia daily said a first-ever auction of one million (EUAs) will be held on Wednesday, ironically as many Greek factories will be shut by a general strike against the government's economic policies.

The Athens stock exchange, which is overseeing the sale alongside the Greek environment ministry, has said that 10 million EUAs will be traded this year.

Eleftherotypia said emission rights fetch up to 17 euros (24 dollars) a tonne in other parts of Europe.

Follow-up auctions will be held on the last Wednesday of every month except August and December, the stock exchange said.

Europe's System (ETS) is a carbon market covering more than 12,000 and factories.

"One emission allowance (EUA) gives the owner of a plant situated in a European Union member state the right to emit in the atmospheres one tonne of CO2 or an equivalent to CO2 during a certain period," the stock exchange said.

Greece is struggling to emerge from a recession exacerbated by austerity cuts mandated by the EU and the IMF in return for a 110-billion-euro loan that saved Athens from bankruptcy last year.

Explore further: Conservation scientists asking wrong questions on climate change impacts on wildlife

add to favorites email to friend print save as pdf

Related Stories

EU extends hacker-induced emissions trading halt

Jan 27, 2011

The EU extended a freeze Thursday on trading in carbon credits ordered after hackers broke into national trading registries and stole and then sold millions of euros worth of polluting rights.

Greece's Largest Solar Roof in Athens Installed for Olympic Games

Aug 13, 2004

In time for the Olympic Games RWE SCHOTT Solar has begun operation of the country’s largest rooftop solar-energy unit in Athens. Supported by its Greek and German partners, this will help the company to further strengthen its market position in Greece. ...

New NASA Images: 3D View of Athens

Aug 23, 2004

This perspective view was made from an image acquired April 29, 2004, draped over a digital elevation model (DEM) created from the same Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) ...

Recommended for you

Big data confirms climate extremes are here to stay

6 hours ago

In a paper published online today in the journal Scientific Reports, published by Nature, Northeastern researchers Evan Kodra and Auroop Ganguly found that while global temperature is indeed increasing, so too is the variab ...

How might climate change affect our food supply?

7 hours ago

It's no easy question to answer, but prudence demands that we try. Thus, Microsoft and the United States Department of Agriculture (USDA) have teamed up to tackle "food resilience," one of several themes ...

Groundwater is safe in potential N.Y. fracking area

7 hours ago

Two Cornell hydrologists have completed a thorough groundwater examination of drinking water in a potential hydraulic fracturing area in New York's Southern Tier. They determined that drinking water in potable ...

User comments : 3

Adjust slider to filter visible comments by rank

Display comments: newest first

Corban
5 / 5 (1) Jun 13, 2011
Tax-based policies won't work because of rampant tax evasion and a cash-dominant society.

170 million euros is a drop in the bucket that will cost more than 170 million euros to enforce.
frajo
5 / 5 (1) Jun 13, 2011
Tax-based policies won't work because of rampant tax evasion and a cash-dominant society.
These policies work only in countries where the opportunities for tax evasion are limited to the wealthier minorities of a society.
kaasinees
5 / 5 (1) Jun 13, 2011
wtf happened to all the EU fundings????????????