While Europe is gearing up for its emissions trading scheme, the Japanese Ministry of Economy, Trade and Industry (METI) is set to launch a mock trading of CO2 emission rights.
Participating in this trading scheme are 40 companies, belonging to seven industries and industry associations and representing about 80 per cent of the country’s total CO2 emissions. During the scheme which encompasses 29 trades, auditing companies and environmental standards certification bodies will gauge CO2 emission reductions and emission rights of each of the participants, which include Taiheiyo Cement Corporation. The companies will then trade their emission rights with METI, industry associations and local governments in order to assist the creation of trading rules.
Japan is to decide rules on a CO2 emission trading scheme in at the end of 2004.