Articles Comments

Finance GreenWatch » 5.Climate Change & Carbon » Japan To Seek New Climate Forum At East Asia Summit(Nikkei)

Japan To Seek New Climate Forum At East Asia Summit(Nikkei)

TOKYO (Nikkei)–Prime Minister Yoshihiko Noda will propose the creation of a new forum to discuss climate change when the leaders of 18 Asia-Pacific countries meet Saturday in Bali, Indonesia, for the annual East Asia Summit, The Nikkei has learned.

The proposed East-Asia Low-Carbon Growth Partnership would be a ministerial-level grouping of the 18 members, to be joined by international research institutes and scholars.

The initiative aims to create a successor to the Kyoto Protocol, whose mandatory restrictions on greenhouse gas emissions do not encompass the top two emitters, China and the U.S.

Japan is also considering proposing a bilateral trading system for carbon emissions credits that would allow countries to meet their targets by sharing energy-saving technology with others. Under the emissions trading system, if Japan extends technological assistance to a developing country building a fossil-fuel power plant and helps it reduce its CO2 emissions, Japan would receive offsets for its own emissions.

Such a trading system is not provided for under the Kyoto Protocol, but with sufficient support from other countries, it could become a part of a post-Kyoto framework. The Japanese government is already holding talks with Vietnam, India, Indonesia and Cambodia, hoping to win their support for the new forum.

The Asia-Pacific region accounts for about 60% of global greenhouse gas emissions.

Filed under: 5.Climate Change & Carbon