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Japan to buy greenhouse gas emission quotas from Hungary

Monday, 26 November 2007

Japan is set to buy surplus greenhouse gas emission quotas from Hungary in a bid to achieve its reduction target set by the Kyoto Protocol, officials said.

The government is considering buying from Hungary the quotas for up to 10 million tons of carbon dioxide for an estimated 20 billion yen, and is expected to begin negotiations with the Hungarian government possibly within this week.

Tokyo will raise the money from the Green Investment Scheme.

If the deal is concluded, it will be the first time that Japan has purchased greenhouse emission quotas from another country under the emission trading system, one of the Kyoto Mechanisms that is incorporated into the Kyoto Protocol.

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