The Japanese government concluded a deal on Wednesday to buy 30 million tons in greenhouse gas emission credits from Ukraine,Japan's first purchase of emission credits from abroad.
Japan will purchase the credits as early as fiscal 2009,which starts in April,through the government-affiliated New Energy and Industrial Technology Development Organization.
The value of the deal was not disclosed,but is estimated at around 38 billion yen on the basis of market prices in Europe.
The Kyoto Protocol on climate change requires Japan to cut its emissions by 6 pct from the level of fiscal 1990 in the five years through fiscal 2012.
But as the country is expected to fall short of the target by 100 million tons even if it cuts emissions to a maximum extent possible,the government plans to cover the gap with emission credits from overseas.
Source:Jiji Press
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