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Hungary, Japan sign accord on carbon credit trade

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Hungary signed a preliminary agreement with Japan Tuesday to sell carbon credits to Tokyo, Hungarian Environment Minister, Gábor Fodor, said.

The agreement, the first of its kind for Japan, is a declaration of intent and contains no binding commitments, Fodor said. Key details including the number and price of the greenhouse gas emission quotas, known as carbon credits, are still to be negotiated next year. „There is no agreement as yet on how many credits Japan will buy and at what price,” Fodor said. Japanese Ambassador to Hungary Shinichi Nabekura said Hungary is its first partner on carbon trade, and that Japan is also holding talks with other Central European countries on the issue.

The Kyoto Protocol, the landmark treaty against global warming adopted in Japan in 1997, requires Japan to cut greenhouse gas emissions between 2008 and 2012 by 6 percent from 1990 levels. Japan has sought a leading role in drafting the successor to the Kyoto Protocol but is itself far from meeting its own obligations as its economy enjoys record expansion after suffering a recession in the 1990s. Hungary, with about 10 million tons of carbon credits for sale, is expected to comfortably meet its Kyoto target, the minister said. (hindu)

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