Advanced nations can save $3.6 bil. by helping developing nations in CO2 cut.
Industrialized countries can save at least $3.6 billion (about 297 billion yen) over a five-year commitment period under the Kyoto Protocol by launching greenhouse gas reduction projects in developing countries, according to a recently compiled U.N. report.
Private businesses in advanced countries can save $2.3 billion and the public sector in these countries $1.3 billion during the 2008-2012 period under the Kyoto Protocol's Clean Development Mechanism, said the report compiled by an organ operating the mechanism. It also said Japanese companies can save $150 million during the five-year period.
The scheme allows industrialized countries to meet part of their greenhouse gas emission reduction commitments under the Kyoto Protocol by buying emission credits through investing in emission-reducing projects in developing countries.
The cost of emission cut measures being lower in developing countries motivates industrial countries to use the mechanism instead of trying to reduce emissions in their own countries.
The issue is likely to be hotly debated at the 18th U.N. climate change convention starting in Qatar on Monday, as developing countries are against the use of the mechanism by major greenhouse gas-emitting nations which reject new emission reduction commitments from 2013 under the Kyoto Protocol.
The U.N. mechanism has helped promote power generation using renewable energies and created jobs in developing countries.
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|Publication:||Japan Energy Scan|
|Date:||Nov 26, 2012|
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