EU provides additional funds for Kyoto technology transfer
The European Commission is to contribute an additional 853,000 euro to support flexible mechanisms and technology transfer activities under the Kyoto protocol, as part of the agreement reached at the recent UN climate change conference in Montreal, Canada. Satisfied with the outcome of the Montreal conference, European Commissioner for the Environment, Stavros Dimas, declared: 'The European Commission is fully committed to Kyoto's innovative market-based mechanisms since they bring clean technology to developing countries and will help EU the EU meet its Kyoto target. During the Montreal Conference, parties agreed to streamline and strengthen the operation of CDM [clean development mechanism]. This is our contribution to achieving this objective.' The Montreal talks concluded on 11 December with a 157-nation deal to develop new binding targets for greenhouse gas emissions when the current Kyoto protocol ends in 2012. Countries agreed to strengthen and streamline CDM, and some 7 million euro were pledged to this end. The mechanism allows countries with Kyoto targets to carry out emission-saving projects in developing countries and count the achieved reductions towards their targets. Equally, CDM contributes to transferring climate-friendly advanced technology to developing countries and supports their sustainable development. Part of the EU contribution will also be used to establish the International Registry System, which keep track of transfers of transactions of credits of Kyoto emissions. The new allocation comes on top of 1.2 million euro already paid by the Commission over the last two years to support the Kyoto process. In 2006, the European Commission is planning to provide further funding of around 850,000 euro. 'We are deeply grateful to the Commission,' said Richard Kinley, acting head of the United Nations Climate Change Secretariat based in Bonn, Germany. 'With the help of this contribution, we will be able to ensure that the work on the Kyoto mechanisms moves ahead as planned.' EU Member States themselves have committed 3.67 million euro to support a strengthened CDM, and have already set aside more than 2.7 billion euro for purchasing more than 540 million credits, each equivalent to 1 tonne of carbon dioxide.