Japanese PM unveils new initiative on GHG emissions reduction
(CCTV 06-10-2008 09:15)Japanese Prime Minister Yasuo Fukuda has announced a new initiative on climate change, pushing for the trial of an emissions trading system in Japan this autumn.
Fukuda said Japan will cut its greenhouse gas(GHG) emissions between 60 to 80 percent by 2050. He said a reduction of 14 percent from current levels was possible over the next 12 years.
Under the planned emissions trading system, Japan would impose upper limits on greenhouse gas emissions and issue credits to large companies.
Businesses wishing to exceed the cap would be required to buy carbon credits from companies discharging gas below their allocated levels.
Japan also plans to allocate 1.2 billion U.S. dollars for two proposed climate investment funds providing assistance to developing countries.
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