35 Japanese Firms Combine To Purchase GHG Pollution Rights

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TOKYO : "About 35 major Japanese firms will set up a fund to gain rights to greenhouse gas emissions by reducing the levels of global warming gases in developing countries, a press report said on Sunday. They will take advantage of an arrangement under the Kyoto Protocol, a UN pact on global warming, that accords emissions rights to countries and firms in return for their help in reducing greenhouse gases in developing countries.

The fund will be established on December 1 with these companies and two state-run financial institutions investing some US$140 million, the major newspaper Mainichi Shimbun said. The companies include Toyota Motor Corp., Sony Corp., Tokyo Electric Power Co., Mitsubishi Corp. and other giants in the power utility, petroleum, machinery, steel, cement, gas and trading sectors, the report said.

The Japan Bank for International Cooperation and the Development Bank of Japan are also partners in the fund. The emission rights, obtained under the Kyoto Protocol arrangement known as the Clean Development Mechanism, are allotted to the fund partners in proportion to the amounts of their investments, Mainichi said."

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