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JAPAN and Emissions Trading Regimes

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Title: JAPAN and Emissions Trading Regimes


1
JAPAN and Emissions Trading Regimes
  • CATEP Workshop
  • 2003.2.7-2.8
  • Yukari TAKAMURA
  • (Shizuoka University, Japan)
  • e-mail jlytaka_at_ipc.shizuoka.ac.jp

2
1. Introduction
  • Overview of
  • 1. Current status of Japanese climate
    change policy
  • 2. Discussions on emissions trading regimes
    in Japan

3
2. Greenhouse Gas Emission Trends(1)
4
2. Greenhouse Gas Emission Trends(2)
  • Japans Kyoto target
  • 6 down from 1990 levels
  • GHG emissions in 2000
  • About 8 above 1990 levels
  • Estimated emissions in 2010
  • About 7 above 1990 levels
  • Japan needs to cut about 13 from 1990 levels by
    2008-2012.

5
3. History of Climate Change Policy
6
4. Overview of 1998 Guideline(1)
  • Essential Measures to Prevent Global Warming
  • Principles towards achievement of the 6
    reduction target
  • Comprehensive promotion of measures to prevent
    global warming
  • Promotion of measures to reduce CO2 emissions,
    focusing on measures related to energy supply and
    demand
  • Promotion of measures to limit emissions of other
    greenhouse gases
  • Promotion of measures involving CO2 sinks such as
    afforestation,
  • Strengthening research and development of
    advanced and innovative environmental and energy
    technologies
  • Strengthening earth observation system, etc.
  • Promotion of international cooperation

7
4. Overview of 1998 Guideline(2)
  • Reconsidering lifestyles
  • Stimulating public discussion about the
    introduction of daylight saving time
  • Changing society to help promote the safe and
    appropriate use of bicycles
  • Improvement of institutions for
    education/awareness-raising and information
    dissemination
  • Exemplary actions by government
  • Expansion of greening activities as a way to
    prevent global warming
  • Implementing model projects which lead to
    innovation in social systems

8
5. Revised 1998 Guideline (1)
  • Step-by-step approach
  • 1st step 2002-2004
  • 2nd step 2005-2007
  • 3rd step 2008-2012
  • Voluntary approach during 1st-step period
  • No new regulatory measures

9
5. Revised 1998 Guideline (2)
10
6. Kyoto Mechanisms in the Guideline
  • No quantified target, no specific policy for
    Kyoto Mechanisms
  • Credits acquired by businesses
  • Businesses can use credits to meet their
    targets.
  • Credits are counted toward industrial
    sectors efforts.

11
7. Discussions on Emissions Trading Regime
  • First initiative from the Ministry of the
    Environment
  • 1st report by experts group(June 2000)
  • 2nd report by experts group(July 2002)

12
8. First Report on Domestic Emissions Trading
  • Focuses on a cap-and-trade regime.
  • Considers major issues and possible options in a
    comprehensive way.
  • Examines existing trading regimes in other
    countries.
  • No specific policy direction rather evaluation
    of possible options in case a regime is
    established.

13
9. Second Report on Domestic Emissions Trading
  • Step-by-step approach

14
10. Linkage with Other Trading Regimes
15
11. After the Second Report
  • No further consideration so far
  • Experimental trading in cooperation with the Mie
    Prefecture

16
12. Planned METI Initiative
  • No official discussions so far
  • Consideration of a domestic trading regime to
    start in April 2003.

17
13. Basic Approach of the Planned Regime(1)
  • Businesses voluntarily set their own CO2
    reduction targets.
  • Target based on past performance
  • METI reviews appropriateness of targets and
    measures to be taken.

18
13. Basic Approach of the Planned Regime(2)
  • Subsidy awarded to enterprises achieving their
    targets.
  • One-half the amount of an enterprises
    capital investment necessary for achieving its
    target
  • Budget is planned to be about 500 million
    yen for the coming fiscal year (April 2003-March
    2004).

19
13. Basic Approach of the Planned Regime(3)
  • Emissions trading between regime participants
  • Third-party certification entity certifies
    emission credits.

20
14. Emissions Trends in Tokyo(1)
  • CO2 Emissions Trends in Tokyo
  • Emissions in 1998
  • 6 above 1990 levels
  • Estimated emissions in 2010
  • 15 above 1990 levels
  • Reduction target by 2010 -6
  • A cut of about 21 is needed.

21
14. Emissions Trends in Tokyo (2)
  • Importance of Tokyos actions
  • 12 million population (about 10 of Japanese
    population)
  • Scale of economy
  • Equivalent to Canada
  • 5 of Japans total CO2 emissions
  • 1 of total CO2 emission of all developed
    countries

22
14. Emissions Trends in Tokyo(3)
Source Tokyo Fundamental Program on the
Environment Institute of Energy
Economics (Japan), EDMC Handbook of Energy
Economic Statistics in Japan
23
15. TokyosStop global warming campaign
  • Stop global warming campaign (started in Feb.
    2002)
  • Effective regulatory measures at the
    national governmental level are insufficient and
    delayed.
  • Remedial actions
  • Encourage increased discussion on the
    global warming issue.
  • Urge the national government to adopt
    and enforce effective measures by taking the
    initiative.

24
16. Five Proposed Policies
  • Require large corporations, including office
    buildings, to reduce CO2 emissions.
  • Establish a CO2 Credits Trading Market.
  • Require new buildings to use solar and other
    renewable energy.
  • Enforce and expand the energy efficiency
    standards for automobiles
  • Dont buy, sell, make energy-consumptive products.

25
17. NewPrincipal Policies of Tokyo(1)
  • Promulgated in Nov. 2002.
  • Three Fundamental ideas
  • Build a new social system that internalizes
    environmental friendliness.
  • Pursue actions developed by Tokyo for its own
    needs, instead of simply depending on national
    government measures.
  • Stimulate Tokyos economy by encouraging actions
    to mitigate global warming.

26
17. NewPrincipal Policies of Tokyo(2)
  • Six challenges
  • Require large-scale business establishments to
    reduce their CO2 emissions.
  • Require new buildings to be more
    energy-efficient.
  • Implement programs to provide consumers with
    information on energy conservation.
  • Strengthen measures to reduce motor vehicles CO2
    emission.
  • Encourage the conversion to renewable energy.
  • Pursue heat island mitigation actions in line
    with current urban policy.

27
17. NewPrincipal Policies of Tokyo(3)
  • Discussion by the Tokyo Environmental Council
    continues.
  • The Council will issue a report within a
    year.

28
18. Emissions Trading under New Principal
Policies
  • CO2 Credits Trading Market seems to have
    disappeared from the principal policies.
  • Mandatory reductions imposed on large-scale
    business establishments first.
  • Emissions trading is a possible option for those
    not easily able to meet their targets.

29
19. Private Sector Takes the Lead(1)
  • Private sector steps out ahead of national and
    local governments.
  • Tokyo Stock Exchange considers establishing a
    market.
  • Creation of new businesses

30
19. Private Sector Takes the Lead(2)
  • Credits trading already started
  • Buyer Electric Power companies
  • Oil companies
  • Trading companies
  • Seller Electric Power companies
  • (Australia, Chili)
  • Coal companies(Australia)
  • Afforestation
    companies(Australia)
  • Chemical company (Canada)
  • Slovakian Government

31
19. Private Sector Takes the Lead(3)
  • Intra-company Trading
  • Examples
  • HITACHI(electrical appliance company)
  • Matsushita Electric Industrial
    Company(National /Panasonic brand)

32
20. Conclusion(1)
  • Progress of consideration is slow and any trading
    regimes have not taken shape yet.
  • However, it is being considered as a possible
    policy option by both the national and local
    governments.

33
20. Conclusion(2)
  • National Government
  • Voluntary participation and voluntary
    target-setting?
  • Tokyo
  • Mandatory participation and mandatory
    target-setting?
  • No consideration yet on how to link a national
    regime and Tokyos one.

34
20. Conclusion(3)
  • The linkage issue has not been discussed in
    detail yet.
  • However, the need to consider the linkage issue
    is clearly recognized.

35
20. Conclusion(4)
  • Business
  • The bigger the market, the more profitable
    the trading and the more cost-effective the
    reduction.
  • More business will be created.
  • Would linkage lead to an invasion by bogus
    credits?
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