Hungarian officials acknowledge plans to sell nearly 2 million tonnes of Certified Emissions Reductions (CERs) for around 4bn forint ($21m). CERs are generated by projects registered under the UN’s Clean Development Mechanism (CDM), and theoretically represent one tonne of saved carbon.
Hungary has already used the CERs to meet its emissions-reduction obligations under the EU ETS. Though such recycling of credits sounds fraudulent, in fact it is legal, due to the separation of the EU ETS and the emissions-reduction targets taken on by signatories to the Kyoto Protocol.
Hungary
