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Japan nears carbon rights deal with Latvia -source
13 Aug 2009 04:02:54 GMT
 Source: Reuters
TOKYO, Aug 13 (Reuters) - Japan will announce within weeks a deal to buy 1.5 million tonnes of emission rights from Latvia, a government source familiar with the matter said, helping the world's No.5 emitter near a target for purchasing carbon credits.

"(The Japanese government) is taking one of the final administrative steps before making an announcement," the source told Reuters on Thursday.

The cost would be about 10 euros ($14) per tonne, the source said.

The deal would be one of Tokyo's last purchases of carbon credits from abroad via the Kyoto Protocol's market mechanism, a scheme under which other major buyers include Japanese companies and European governments and firms.

The Japanese government has so far procured about 95 million tonnes of Kyoto-backed carbon credits from abroad, almost completing its plan to receive delivery of 100 million tonnes over Kyoto's 2008-2012 period to supplement domestic efforts to cut emissions. [ID:nT180173]

Developed nations comfortably below greenhouse gas targets under the Kyoto Protocol can sell excess emission rights to other countries in the form of credits called Assigned Amount Units (AAUs).

"It's almost there," said another Japanese government source familiar with Tokyo's purchase of AAUs, who added that the volume of AAUs to be exchanged with Latvia would be a part of the remaining 5 million tonnes Tokyo has been aiming to buy. (Reporting by Risa Maeda; Editing by Chris Gallagher)


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