Belarus negotiated an important amendment to the Kyoto Protocol at the November 2006 meeting of the conference of parties to the United Nations Framework Convention on Climate Change (UNFCCC) to include an assigned amount for Belarus. For the amendment to become effective and for Belarus to be able to participate in the flexible mechanisms of the Kyoto Protocol 75% of Parties need to ratify this amendment. However significant progress has been made in Belarus in parallel with negotiations surrounding this amendment to develop the framework and institutions to engage in JI and international emissions trading.  

Emissions of greenhouse gases are partly responsible for the rise in global temperature and the uncharacteristic global weather patterns.  The reduction of greenhouse gas emissions is a priority program under the Kyoto Protocol to avert the damaging consequences of global warming.  The World Bank is addressing the global climate change issue by promoting and supporting the development of qualified carbon projects through the Kyoto Protocol’s Joint Implementation (JI) Mechanism. Under JI, and subject to certain eligibility criteria, greenhouse gas emission reductions generated by a project in Belarus can be sold to other industrialized countries (and companies within these countries).  Carbon finance is the term commonly applied to such a transaction. 

The common greenhouse gases include methane and carbon dioxide. There are number of potential opportunities for carbon projects in Belarus including in the energy, gas, industrial and municipal sectors..

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