Japan to purchase carbon credits from Hungary to meet Kyoto targets

27 November 2007

The two nations would discuss details and sign a memorandum this week. It will be the first time that Japan has bought carbon credits from another country.

Without the credit purchase, Japan would fail to fulfill the Kyoto Protocol requirements of cutting its emissions of carbon dioxide and other greenhouse gases by 6 per cent from its 1990 levels by 2012.

The second-largest economy in the world saw its emissions actually rise 7.8 per cent in 2005 from 1990 levels.

The government had earlier urged various industries to reduce their greenhouse gas emissions another 30 per cent, as well as asking households, offices and the transport sector to join the drive.

The energy efficiency of Japan 's industry is good in comparison to other countries, but that of its other sectors and of households is poor.

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