Japan to fund emission-curbing projects in Asia: Report

Japan to fund emission-curbing projects in Asia: Report


Tokyo: Japan plans to invest in emission-curbing projects in developing Asian nations in exchange for credits that add to its own anti-global warming effort, a press report said today.

The Ministry of Environment aims to obtain 3.5 million tonnes worth of emission credits through the investment. The Kyoto Protocol, a landmark pact against global warming, allows industrialized nations to lighten their commitments to reduce harmful greenhouse gases by investing in gas-cutting projects in developing countries.

Under the protocol’s clean development mechanism (CDM), industrialized nations can count the gas cuts through such projects as reductions in their own emission-curbing targets.

The ministry is due to select six projects for the investment among eight projects planned in five countries, the report said.

Some private Japanese companies, including trading houses and power utilities, have already invested in CDM projects.

They include the manufacture of fuel by processing coconut shells in Indonesia, development of a diesel substitute from a vegetable oil in India, collection of methane gas from drainage of tapioca plants in Thailand and recycling of urban garbage in Vietnam, the report said.

The ministry plans to seek 1.5 billion yen ($12.7 million) for the year from April 2008 in going ahead with CDM projects. Under the Kyoto Protocol, Japan has committed to cut its annual greenhouse gas emissions to 1,180 million tonnes in five years from 2008, down from the 2005 level of 1,360 million tonnes, the daily said.