| . |  |
. |
| . | |
. |
Japan firm announces first carbon spot trade
Tokyo (AFP) Nov 30, 2007 A Japanese company said Friday it had conducted the world's first spot trade in carbon credits, predicting the nascent market will grow as countries step up efforts to tackle global warming. Under the Kyoto Protocol, industrial countries must cut greenhouse gas emissions by 2012 but can earn credits by buying from those who have met their targets or by supporting environmentally friendly projects overseas. Japanese trading house Marubeni Corp. said it had sold the equivalent of 10,000 tons of carbon credits to a Japanese power company. Marubeni earned the credits by supporting a project in South Korea that is decomposing hydrofluorocarbon-23, a refrigerant known to contribute to global warming, a company statement said. It is "the world's first small-lot and spot deal of issued carbon credit defined by the Kyoto Protocol," the statement said. The rapidly growing trade in carbon credits has been primarily futures trading, in which deals are based on future delivery -- for the 2008-2012 period covered by the Kyoto Protocol. Unlike futures contracts, spot trades are settled immediately. "Concern about the global warming issue is growing," Marubeni said. Many companies "will consider contributing to the global environment by using carbon credits. Therefore, the carbon credit demand for small-lot and spot will grow," it said. A World Bank study released in May found that the global value of the carbon market was 30 billion dollars in 2006, three times higher than the previous year. Marubeni used an Internet-based platform set up in November by the state-backed Japan Bank for International Cooperation which resembles a bulletin board of companies seeking to buy and sell credits. Despite being the home of the Kyoto Protocol, Japan is producing some eight percent more emissions than it was in 1990 -- far off its target of cutting emissions by six percent. Japan is in the midst of a record expansion as the world's second largest economy recovers from recession in the 1990s. In light of the fragile economy, Japan has declined to penalise companies that do not meet Kyoto targets, as occurs in Europe. Talks are due to open next week on the Indonesian island of Bali on setting up a roadmap that would apply after the Kyoto commitments expire in 2012. US President George W. Bush has rejected the Kyoto Protocol, arguing that it is unfair as it does not impose obligations of rapidly growing developing countries such as China. But Bush's lonely stance became even more isolated last weekend when his main international ally on the issue, Australia's conservative Prime Minister John Howard, was ousted in elections. Prime minister-elect Kevin Rudd has pledged to ratify the Kyoto Protocol. Community Email This Article Comment On This Article Related Links Powering The World in the 21st Century at Energy-Daily.com
US, EU aim to free up trade in 'green' goods
Geneva (AFP) Nov 30, 2007Solar panels, wind turbines and other "green" goods and services should face fewer tariffs and other trade barriers, the United States and European Union proposed at the World Trade Organisation on Friday. |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
