Japanese to buy carbon credits from China
Direct from United Press International Japanese to buy carbon credits from China
Dongyue Chemical, China’s largest chlorofluorocarbon producer, has applied to the Chinese government to cut its emissions of HFC23 gas, a byproduct of CFC production, and sell those cuts as greenhouse gas emission rights equivalent to an annual 10 million tons of carbon dioxide — the largest carbon trading transaction, the Japan Times reported Friday.
To reduce such emissions, Dongyue will build a plant, slated to go online in mid-2007, that cuts greenhouse gas emissions by the equivalent of 55 million tons of carbon dioxide by the end of 2012.
Dongyue’s buyers will be Nippon Steel Corp. and Mitsubishi Corp., with Nippon offering technological support to Dongyue and Mitsubishi brokering the transaction.
-DS
Technorati Tags: carbon credits, China, eco, emissions trading, environment, Japan, politics, CFCs
