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Japan Utilities, Steel Makers Buy UN Carbon Credits

Tokyo Electric Power and Nippon Steel are among more than 70 utilities and steel makers that have agreed to buy more United Nations carbon emission credits in order to help Japan meet its greenhouse gas goals, The International Herald Tribune reports.

Ten regional power companies will quadruple their cumulative purchase of carbon credits to 120 million tons and more than 60 members of the Japan Iron and Steel Federation will buy 44 million tons of credits, up from a planned 28 million tons.

Earthquakes and mechanical faults forced Tokyo Electric and other utilities to halt some nuclear operations and revert to using oil- and coal-fired plants, raising their carbon output. The companies are trying to meet their voluntary emission-reduction targets by buying more credits.

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