Japan to cut GHG emissions by 15% under 2005 levels by 2020
“The weakest target any country has pledged so far”, says Point Carbon
Oslo (10 June 2009)
Japan said today that it will cut greenhouse gas (GHG) emissions by 15 per cent under 2005 levels by 2020, representing “the weakest target any country has pledged so far”, according to Kristian Tangen, Senior Expert at Point Carbon, the leading provider of market intelligence, news, analysis, forecasting and advisory services for the energy and environmental markets.
Japan’s Prime Minister, Taro Aso, announced the country’s medium-term target at a press conference, held at 6pm local time.
The target is equivalent to an 8 per cent cut under 1990 levels.
The US has set a target to cut emissions by 14 per cent under 2005 levels, while the EU has a goal to reduce emissions by 20 per cent under 1990 levels, which means a 13 per cent cut under 2005. However, Point Carbon believes that the EU is likely to go further, given the current economic slump, and may agree a 30 per cent reduction on 1990 levels at the UN’s Copenhagen summit this December.
Unlike the Japanese target, the US and EU goals both incorporate cuts that can be achieved through carbon credit purchases.
“Due to low population and economic growth, Japan's emission growth has been modest in the last few years. We expect this to continue towards 2020, which would mean that the emissions reductions they will have to achieve will be less than those of the EU, Canada, and probably the US and Australia, depending on what the targets of the two latter will be in the end. However, the economic burden on Japan might be higher than the other countries, as Japan aims to achieve the reductions domestically, while the other countries will also use internationally traded carbon credits”, Tangen explained.
Note to editors
The Kyoto Protocol on Climate Change, which entered into force in February 2005, resulted in the launch of the EU’s Emissions Trading Scheme (ETS). The EU ETS is the world’s first international emissions trading scheme. It works on a cap - and - trade basis, where the total allocation is set at the start of a trading period. EU Allowances (EUAs) are the tradable unit under the EU ETS. Up to a certain limit, it is also allowed to import carbon permits from third countries (CERs and ERUs).
The second period of the EU ETS runs from 2008-2012 and coincides with the compliance period.
COP 15, or the United Nation’s Copenhagen climate change summit, will begin in Copenhagen on December 7. Officials will try to agree a new climate treaty as a successor to the Kyoto Protocol, which expires in 2012.
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