Poland Sells CO2 Emission Rights to Spain

Poland sold €40 million ($52 million) worth of CO2 emission rights to Spain on Thursday after successfully bringing its emissions below required limits.

Environment Minister Marcin Korolec and Spain's high official for the environment, Federico Ramos, signed the deal in the ornate 18th century palace of the Lazienki Park, a popular tourist venue.

It is Poland's largest sale to date of CO2 emission rights, made possible by the fact that between 1988 and 2010 the nation cut its emissions by 30 percent, five times more than the six percent cut required under the Kyoto agreement.

The government has raised to €170 million its budget for green projects, including energy-saving renovation of Lazienki buildings.

Poland says the money from the deal will fund environmentally friendly city transport and lighting.

The funds will also go towards development of renewable energy sources, thermo insulation of buildings and modernization of the energy grid.