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Wednesday, 18th June 2008
In Business In Japan,

Japanese firms agree carbon trading deal

Two companies based in Japan have become the first in the country to agree a master contract to trade United Nations (UN) approved carbon emissions.

Marubeni Corp and Nikko Citigroup are the first players in the offsets market which is expected to grow over the next few years as the issue of global warming becomes increasingly important.

Carbon trading is already popular in Europe, so much so that the continent is now the world's largest carbon-trading market, reports Reuters.

Japan was one of the first countries to connect to the International Transaction Log - the UN's global carbon trading system.

Trading of certified emissions reductions is expected to increase when the EU's trading system links up with that of the UN soon.

The Japanese parliament recently passed legislation allowing banks and other firms to begin emissions trading.

In 2012, the Kyoto Protocol is due to come to an end. A successor agreement is currently being discussed.