Saturday, September 22, 2007

Individuals to buy emission rights

Japan Carbon Offset, a nonprofit organization based in Tokyo, said it will begin a program to allow individuals as well as businesses to fight global warming by converting carbon dioxide emission rights into smaller lots for sale to investors. The program is the first of its kind in Japan, the organization said.

The program, expected to start later this year, will be carried out in cooperation with 16 companies, including retail giant Aeon Co., supermarket chain Seiyu Ltd., Sumitomo Mitsui Banking Corp. and the Bank of Tokyo-Mitsubishi UFJ, the group said Thursday.

Payments to buy products or services offered by the 16 businesses will be partially set aside to buy emission rights.

The group will initially purchase rights to emit 10,000 tons of carbon dioxide from a hydraulic power generation project in Brazil and sell them in minimum lots of about 1 ton, which currently trades at just over ¥2,000 per ton.

The Japan Times.

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