EU: Romania, Bulgaria must cut national CO2 quota plan for 2008-12

London. The European Commission Friday ruled that Romania and Bulgaria must both reduce their carbon dioxide national allocation plans for the period 2008-12 by more than 20%, Nasdaq reports.

The commission said Romania must cut its annual CO2 allocation by 20.7% to 75.9 million tons of CO2 allowances for the second period of the European Emissions Trading Scheme, spanning 2008-12.

It also ruled that Bulgaria should reduce its annual CO2 allocation by 37.4% to 42.3 million tons of CO2 allowances for the second period of the ETS.
Under the scheme, E.U. governments must set national limits on the amount of CO2 industry can emit in the five years between 2008 and 2012, which must then be approved by the commission.
Romania and Bulgaria, the latest entrants to the European Union, were the last two countries out of the 27-member bloc whose CO2 plans needed to be approved by the commission.