Japan to buy carbon credit from Hungary to meet Kyoto deal
Tuesday, 27 November 2007
TOKYO, Nov 26 (AFP): Japan plans to buy greenhouse gas emission quotas known as "carbon credits" from Hungary this year as Tokyo lags behind in meeting its obligations under the Kyoto Protocol, an official said today.
It will be the first time that the world's second largest economy has bought carbon credits from another government, although Japanese companies have become major shoppers for credits from foreign firms.
The Kyoto Protocol, the landmark treaty against global warming negotiated in Japan's ancient capital in 1997, requires Japan to cut greenhouse gas emissions by six per cent from fiscal 1990 levels between 2008 and 2012.
Japan has sought a leading role in drafting the successor to the Kyoto Protocol, but it is well off course to meeting its own obligations as its economy enjoys a record expansion from recession in the 1990s.
The Kyoto Protocol allows a company or a country that reduces its carbon-dioxide emissions below the target level to sell the extra reduction as credit to others.
"We are negotiating with several developed countries in the Middle and Eastern Europe, including Hungary, Poland and Czech Republic," said Yasuo Takahashi, an official at the environment ministry.
"Our negotiations with Hungary are in the final stage, and we want to strike a deal with Hungary by the end of this year," he said.
Eastern and Central European countries have been particularly avid sellers of carbon credits amid an economic downturn in recent years.
A poll out today showed that two-thirds of Japanese companies believe it would be tough for Japan to achieve its Kyoto goals.
Many Japanese companies say the country cannot drastically cut emissions as it already took energy- saving measures after the oil crises in the 1970s, according to the survey by public broadcaster NHK.
The poll of 100 leading Japanese firms found 63 per cent consider meeting the Kyoto goals to be difficult and three per cent believe it would be impossible. Only 11 per cent said it was possible.
Fifty-two said they did not consider Japan's emissions target appropriate, NHK said.
US President George W. Bush has rejected the Kyoto treaty, arguing it was unfair by making no demands of growing emitters among developing nations.
It will be the first time that the world's second largest economy has bought carbon credits from another government, although Japanese companies have become major shoppers for credits from foreign firms.
The Kyoto Protocol, the landmark treaty against global warming negotiated in Japan's ancient capital in 1997, requires Japan to cut greenhouse gas emissions by six per cent from fiscal 1990 levels between 2008 and 2012.
Japan has sought a leading role in drafting the successor to the Kyoto Protocol, but it is well off course to meeting its own obligations as its economy enjoys a record expansion from recession in the 1990s.
The Kyoto Protocol allows a company or a country that reduces its carbon-dioxide emissions below the target level to sell the extra reduction as credit to others.
"We are negotiating with several developed countries in the Middle and Eastern Europe, including Hungary, Poland and Czech Republic," said Yasuo Takahashi, an official at the environment ministry.
"Our negotiations with Hungary are in the final stage, and we want to strike a deal with Hungary by the end of this year," he said.
Eastern and Central European countries have been particularly avid sellers of carbon credits amid an economic downturn in recent years.
A poll out today showed that two-thirds of Japanese companies believe it would be tough for Japan to achieve its Kyoto goals.
Many Japanese companies say the country cannot drastically cut emissions as it already took energy- saving measures after the oil crises in the 1970s, according to the survey by public broadcaster NHK.
The poll of 100 leading Japanese firms found 63 per cent consider meeting the Kyoto goals to be difficult and three per cent believe it would be impossible. Only 11 per cent said it was possible.
Fifty-two said they did not consider Japan's emissions target appropriate, NHK said.
US President George W. Bush has rejected the Kyoto treaty, arguing it was unfair by making no demands of growing emitters among developing nations.