Kyoto Money Recovered - Ukrainian President

By Worldwide News Ukraine, PRNE
Wednesday, January 12, 2011

KIEV, Ukraine, January 13, 2011 - The President of Ukraine Victor Yanukovych made a statement at
the press conference with the Japanese media representatives that the money
received by Ukraine from selling carbon emission rights under the Kyoto
Protocol will be used for ecologic purposes. The President has reassured the
Japanese society that the money received by Ukraine for selling quotas on
carbon emission gasses under the Kyoto Protocol and later misspent by the
previous government has been recovered. The Ukrainian leader stated that the
money would be used in accordance with its original purpose, according to the
press service of the President.

When asked about the misuse of the Kyoto funds,
Yanukovych highlighted: "Indeed, unfortunately, the former government used a
part of the money unduly. This is why there was a clear task set for the
current government: to recover the aforementioned funds. And the
government-in-the-office has made a difficult decision in the times of the
lasting financial crisis to allocate funds from other sensible expenditures
of the state budget in order to recover the financial resources received from

The President mentioned that before 20 May, 2010, the current
government did everything in its power to transfer the money in question to
the National Agency for Ecological Investments of Ukraine.

"We have taken action in a manner not to undermine other
programs. We had no other choice. The image of the country should not suffer
because of the frivolity of the former officials, who were so irresponsible
with the money," said the Ukrainian leader.

The President of Ukraine will pay an official visit to Japan on
17-21 January, 2011.

Under Kyoto Protocol rules, the funds from the sale of carbon
credits can only be used for projects that aim to reduce emissions of
pollutants. The allegations against the former Prime Minister of Ukraine
Yulia Tymoshenko came after criminal investigation of her misspending of EUR
380 million
(500 million USD) in connection with the sale of carbon emission
rights under the Kyoto Protocol.

For more information, please contact Maryna Khorunzha +380-509151565, news at, Project Manager at Worldwide News Ukraine

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