Czech Republic to sell off redundant carbon credits

The Czech Republic is to sell some of its redundant carbon credits to Japan in a deal amounting to ten billion crowns. Czech Environment Minister Martin Bursík who was in Tokyo to arrange the sale, said the Czech Republic had received favourable conditions and the deal would be signed in Prague on March 30th. The proceeds from the sale will go to the State Fund for the Environment and will be used to support environment-friendly heating methods and co-finance the insulation of houses. The Czech Republic has redundant carbon credits thanks to a steep reduction of greenhouse gas emissions. The country pledged to reduce emissions by 8 percent but has managed to effect a 25 percent cut since 1990.