On December 27, 2007, the Japanese Ministry of the Environment (MOE) released an evaluation report of the first phase of Japan's Voluntary Emissions Trading Scheme (J-VETS), conducted from April 2005 to September 2007. Participants in this phase included 31 businesses with commitments to reduce emissions. All participants with commitments achieved their reduction targets, and emitted 1,288,543 tons of CO2, a 29 percent reduction compared to the base year, significantly surpassing their commitment of a 21 percent reduction.

Small- and medium-sized businesses comprised the majority of participants with commitments, revealing that even small businesses have a significant emission reduction potential. Also, 13 participants were emitting more CO2 at the start of the project than they did in the assigned base year, but still met their targets by trading emission allowances. This led the MOE to recognize that an emissions trading system could be a flexible measure to achieve the goals of participants with commitments.

In order to increase the number of participants in the scheme, the ministry will promote smoother trading by improving methods for setting targets, diversifying participation forms, linking to foreign markets, considering rules enabling wider sectors to participate in the scheme, and actively disclosing and promoting information on J-VETS.

http://www.env.go.jp/en/
- Japan's Voluntary Emissions Trading Scheme Starts (Related JFS article)
http://www.japanfs.org/db/1108-e
- First Case of Domestic CO2 Emissions Trading in Japan (Related JFS article)
http://www.japanfs.org/db/1686-e
- Japan's Voluntary Emissions Trading Scheme Surpasses Reduction Target (Related JFS article)
http://www.japanfs.org/db/1969-e

Posted: 2008/06/11 11:27:42 AM

TAG Global warming , Government , Manufacturing industry , Non-manufacturing industry , System/Law