The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Sofia commodity exchange starts greenhouse gas trade next year.

Sofia commodity exchange starts greenhouse gas trade next year. The local commodity exchange is preparing to launch greenhouse gas trade as of the beginning of next year in line with the EU schemes for implementation of the Kyoto protocol. The ministry of environment will maintain a national register of CO 2 quotas that will support the gas trade. The country’s overall ceiling of CO 2 is set at 125mn tonnes until end-2007 and a big part of it is allocated to the transport sector. As far as current emissions are well below this level, the government could also offer for sale gas quotas or accumulate them as a reserve for the next reference period of quota distributions from 2008 to 2012. Following the line EU directive, local authorities have also distributed quotas for around 50mn tonnes of CO 2 to around 150 firms and some of them could be offered for sale next year. Over the new reference period, Bulgaria will have the obligation to cut greenhouse emissions 8% below the level from the base year 1988 set under the Kyoto protocol. Due to the rapid decline of the heavy industry from the communist era as well as ongoing shifts to environment friendly technologies, harmful emissions will be much below the set target and the government will be able to sale significant amounts of non-utilised CO 2 quotas, which are traded slightly below EUR 10 per tonne at present but the price has reached EUR 30 a few months ago.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree