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Taking action on climate change. |
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 Ukraine is the world's third largest potential seller of greenhouse gas (GHG) emissions, behind Russia and China. The National Strategy Study for the Reduction of Greenhouse Gases for Ukraine concludes: "Ukraine may be one of the largest suppliers of emission credits and allowances at the international GHG reduction market. First, it is the eighth largest source of GHG emissions in the world… Second, Ukraine's transitional economy offers many cost-effective ways to mitigate emissions, particularly in industrial sectors."
Among the world's top-20 countries in terms of GHG emissions, Ukraine is the most carbon intensive - reflecting its level of greenhouse gas emissions per unit of economic output. (See table to right.)
Purchasing ERUs from countries with economies in transition, such as Ukraine, is likely to be a more cost effective means for industrialized countries to meet their quotas than through investments in projects in their own markets. Ukraine offers significant opportunities for cost-effective investment projects that would reduce GHG emissions, where approval procedures are administered by the National Environmental Investments Agency of Ukraine (NEIA).
In the lead up to the first commitment period, from 2003 to 2006, Ukraine, Russia and Bulgaria each accounted for about 20% of ERUs that were generated through JI projects, with other central European countries accounting for the remainder. As the JI market develops, the balance is likely to shift even more toward Ukraine and Russia.
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