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Tuesday, November 09, 2004

Japan in talks with Romania on emissions trading under Kyoto pact

Japan has launched negotiations with Romania on facilitating emissions trading of greenhouse gases under the Kyoto Protocol on curbing global warming, ahead of the pact's entry into force in February, Japanese government officials said Monday.

The talks are aimed at supporting Japanese trading houses and other firms as they try to enter the East European country's emissions trading market, the officials said, adding Tokyo hopes to sign a memorandum of understanding on the issue with Bucharest.

The Kyoto Protocol is expected to take effect in February with the completion of Russia's ratification process earlier this month. Under the pact, trading of emission rights is defined as a means of achieving reduction goals for countries that ratified the protocol.

Japanese companies aim to earn emission-cut credits by conducting energy-saving projects in Romania and other countries in Central and East Europe, which lag behind in implementing energy-efficient policies, according to the officials.

In Romania, a foreign company is required to obtain approval for emissions trading from parliament.

However, firms from countries with which Bucharest has a comprehensive arrangement on trading, such as Austria, do not need to obtain permission.

Japan hopes to win the same arrangement from Romania in purchasing excess emission quotas from the country. Tokyo is also considering launching talks on emissions trading with Bulgaria and other Central and East European countries, the officials said.

Under the 1997 pact, Japan is required to reduce its carbon dioxide and other greenhouse gas emissions by 6 percent from the 1990 level by 2012

Posted by Iulia Rasoiu : 11/09/2004 10:26:00 am