Japan Backs Up On Carbon Trading

Japan seems to be stepping back from its plans to start carbon trading in 2013, according to Bloomberg.

Environment Minister Ryu Matsumoto declined to commit to the fiscal 2013 date recommended by an environment ministry panel back in August. “We will continue to study carbon trading taking into account various opinions,” Matsumoto said at the press conference.

A September survey Japan’s largest business lobby group, found that 95% of companies surveyed oppose carbon trading, citing competition from countries like India and China that are not bound by similar pollution limits, reported Bloomberg.

Japan has voiced opposition to the current policies in recent months as well as drew criticism at United Nations climate talks in Cancun, Mexico, earlier this month. Japan’s government also said it won’t support an extension of  the Kyoto Protocol after its greenhouse-gas emissions targets expire in 2012, calling the treaty “outdated” because it only regulates 27 percent of global emissions, and doesn’t include the U.S. and China, reported Bloomberg.

In support of other sustainability activities, the Japanese Ministry of Economy, Trade and Industry said yesterday it will provide 110 billion yen ($1.3 billion) in subsidies to 153 low-carbon projects nationwide. Companies receiving the grants plan a total 530 billion yen in capital investment to produce energy efficient cars and electronic products, while creating jobs, reported Bloomberg.