By James Bryce
THE Spanish government has given the green light to 26 international projects aimed at helping the country comply with the Kyoto protocol.
It is predicted the schemes will allow Spain to reduce its CO2 emissions by 3.8 million tons each year.
Among the initiatives being funded are wind farms in developing countries including India, Mexico and Tunisia.
Spain has used emissions-trading projects to reduce CO2 emissions by 299 million tons since committing to the Kyoto protocol – a UN-backed international agreement aimed at combating climate change – in 1997.
The country has been under pressure to reduce its emissions since the government announced in February that Spain would need to buy at least €355 million of credits to comply.
Last month, an EU report said Spain faced a ‘considerable challenge’ to meet its obligations.
Spain has spent more than €750 million over the past five years on emission permits and offsets in an effort to meet its target.
Ministers are also currently in negotiations with Slovakia over the purchase of 22 million tons of surplus emissions credits.