Kyoto Money Recovered - Ukrainian President

KIEV, Ukraine, January 13, 2011 /PRNewswire/ -- 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 Japan."

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.