Japan announces its cool earth initiative
Japan has initiated its ‘Cool Earth Initiative’ in which it outlines that Japan will reduce its carbon emissions by 60-80% by 2050. It also called other nations of the world to strive to cut by half the global carbon dioxide output by 2050. G-8 summit leaders voiced support for that last year. Japan is struggling to meet obligations under the Kyoto global warming pact to cut emissions of greenhouse gases by 6 percent below 1990 levels by 2012. Emissions’ trading involves the setting of caps and credits on greenhouse gas production. Any company or nation emitting levels higher than those allotted would have to buy credits from those emitting lower levels. Prime Minister Yasuo Fukuda said Japan would use a broad range of strategies to reduce its emissions, including investment in new technologies, stiff construction standards to create energy efficient buildings, an array of tax incentives and a public awareness campaign.
Japan will take a more supportive role in establishing rules and a framework that can be agreed upon internationally. Japanese officials think it is important to create a market that is based on healthy, real demand, not on a money game.