Carbon prices will be formed in market conditions
Astana. July 4. Kazakhstan Today - Carbon prices will be formed in the market conditions at the exchange, according to the head of ZhasylDamuJSC, Sergey Tsoy.
"An important factor is pricing. Exchange trade will be carried out by means of optional sales through auctions on a commodity exchange. Thus, the companies will be able to determine the optimal price for emission permits," Tsoy said in an interview for the Prime Minister's official website.
"In order to prevent speculation, we will let the market to determine the price for permits, but according to international experts, if the price is lower than 10 U.S. dollars per ton, the system will not be effective enough, so we (Ministry of Environmental Protection), as regulators, will take measures to fix the starting price," he noted.
At the same time the price will not be put on paper, this approach should be formed by the market.
Speaking about the formation of the market, the expert stressed that "the market will definitely produce the economic effect because due to the start of trading and introduction of this system Kazakhstan will receive "green" investments."
Besides, the markets of developed countries do not accept production of the countries, which are not implementing emission control systems.
"By introducing a cap and trade system we give our industry another chance to enter the world markets. If the system works, enterprises take into account these restrictions, their products will be much more competitive than of those countries where this system is not implemented," the head of the company emphasized.
According to him, the enterprises will get permits for about 147 million tons of carbon dioxide emissions.
"We think that the initial trade on the stock exchange in 2014-2015 will cover about 10%, or 14-15 million tons. They can be bought and sold," Tsoy concluded.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
relevant news
Kyrgyzstan and World Bank reach agreement on Kambarata HPP-1 project
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Olzhas Bektenov and Head of the Sakha Republic Aysen Nikolayev discuss issues of trade and economic cooperation
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Uzbekistan and Kazakhstan launch E-Permit international cargo transportation system
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
National Bank of Kazakhstan maintains base rate at 14.75%
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Henkel intends to develop production in Kazakhstan
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge
By 2027, the woodworking industry plans to launch approximately 11 new productions valued at 32.5 billion tenge, creating 1400 jobs", emphasized the Vice Minister.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Most viewed
18.04.2024, 16:17Kazakhstan to build 37 waste treatment plants 19.04.2024, 18:10 40556Kazakh, Kyrgyz Presidents unveil monument to Aikol Manas in Astana19.04.2024, 21:19 40416Head of State signs law banning e-cigarettes19.04.2024, 17:24 40061Kazakhstan and Kyrgyzstan to reduce checks at border - Head of State Tokayev18.04.2024, 18:23 31886Olzhas Bektenov discusses water resources management issues with Heads of Diplomatic Missions of European Union countries
26.03.2024, 18:10 122061Olzhas Bektenov meets with Chairman of XUAR People's Government of China Erkin Tuniyaz29.03.2024, 19:37 112751Year of Kazakhstan Tourism in China officially opens in Beijing29.03.2024, 14:44 103051Kazakh nationals urged to leave Ukraine's Odessa and Kharkiv regions27.03.2024, 14:56 94051Famous Artists of France and Kazakhstan to Perform at Astana Opera03.04.2024, 11:09 92481First Kazakh Senate Speaker passes away