The Romanian government Wednesday gave its go-ahead to a carbon trading scheme aimed at cutting greenhouse gas emissions, hoping to earn up to EUR2.5 billion until 2012.

" Romania can trade about 300 million credits, divided into 1 million-ton packages," Economy Minister Adriean Videanu said during a press conference.

The money is set to go to environmental projects, including the closure of polluting companies and investments in renewable energy production.

Carbon dioxide is regarded as the principal greenhouse gas responsible for global warming.

Environment Minister Laszlo Borbely last week said Spain and Japan were interested in buying Romania's permits, with negotiations due to start soon. He said Romania was lagging behind in this field, as the trading should have started in 2008.

The carbon trading scheme was adopted under the Kyoto Protocol which sets binding targets for 37 industrialized countries and the European community for reducing greenhouse gas emissions.

The reduction in emissions under the protocol should be around 5% over the five-year period 2008-2012 compared with the level in 1990.
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