METI Promotes Acquisition of CO2 Emission Credits through Law Amendment

Japan's Ministry of Economy Trade and Industry (METI) recently proposed a partial amendment to the "Law on Temporary Measures to Promote Business Activities for the Rational Use of Energy and the Utilization of Recycled Resources" that will expand its coverage and extend the duration of its application. At present, this is the only law in Japan that promotes business activities in the field of energy and environment.

Newly covered business activities include operations designed to reduce carbon dioxide emissions from energy use outside of Japan. METI aims to promote the acquisition of carbon dioxide emissions credits through the Joint Implementation (JI) and Clean Development Mechanism (CDM) of the Kyoto Protocol.

In the area of resource utilization, the law formerly covered only recycling businesses, but this will be expanded to cover reduction and reuse business operations.
The law's original expiration date was March 31, 2003, and the amendment will extend this to March 31, 2013. The law will also be renamed the "Law on Temporary Measures to Promote Business Activities for the Rational Use of Energy and the Effective Utilization of Resources."

[Update: Both Houses of the National Diet approved METI's amendment, which was promulgated on 9 May 2003.]



Posted: 2003/06/07 10:38:44 AM
Japanese version