Japan’s trial carbon-trading market is advancing, with 202 participants so far, according to Reuters.
Still, the program faces hurdles. A government survey of applicants showed that just 20 percent of the respondents said they would engage in carbon trading. About 40 percent said they didn’t know and the other 40 percent indicated no immediate plans to trade.
In a year-long period leading up to March 2008, Japan’s emissions rose 2.3 percent to a record 1.37 billion tons in CO2 equivalent, according to the article.
Japan has committed to cut emissions under the Kyoto Protocol. The island nation, the world’s fifth-biggest carbon emitter, aims to cut emissions to 1.19 billion tons annually by 2013, down 6 percent from 1990.
On March 25, the Ukraine agreed to sell carbon credits to Japan. Ukraine said it would use the proceeds to buy sustainable technologies.
Japan also may buy significant carbon credits from the Czech Republic. In all, Japan intends to buy 100 million tons of credits by 2013.
Japan has been a world leader in the push to reduce carbon emissions. In February, representatives from 22 of the world’s major carbon emitting countries met in Tokyo to participate in an informal session on ways to tackle climate change.