Spain’s Industry Ministry said Monday that the European Union Commission has given preliminary approval to the country’s carbon-dioxide emission allocation plan. Spain’s plan, which covers the oil-refining, cement, steel, glass and paper and electricity industries, sets an annual CO2 emission limit of 168.2Mmt for the 2005-07 period. The Ministry said in a press release that a formal approval from the Commission is expected within the next couple of days.
The Ministry added that the government will include more than 400 comments made by the Commission and submit the final draft of the plan for formal government approval at a cabinet meeting Jan. 14.
Countries and companies exceeding their cap on emissions will have to buy carbon credits from others that emit below their level, or risk fines of EUR40/t of CO2 in the 2005-07 period and EUR100/t in 2008-12.