March 2, 2011 / 8:48 AM / 9 years ago

FACTBOX-Japan proposes new CO2 market mechanisms to UN

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March 2 (Reuters) - Japan has submitted proposals on new market mechanisms to cut greenhouse gases to the United Nations, aiming to complement U.N. talks by developing ways to use its low carbon technology.

Japan, the world’s fifth-biggest emitter, called for new mechanisms to co-exist with existing ones under the Kyoto Protocol but to allow countries to establish their own following basic principles agreed at U.N. meetings.

Japan, a major buyer of carbon offsets under Kyoto’s Clean Development Mechanism (CDM) and other schemes, has criticised the CDM as too rigid and inefficient to provide funds for emission-cutting projects in developing countries.

Having reached basic agreements with a couple of governments in Asia, Japan is seeking bilateral deals to use its low-carbon technology and financial support, aiming to help meet its goal to cut emissions by 25 percent from 1990 levels by 2020 with offsets from these emission cuts abroad. [ID:nTOE69J05L]

Below are some of the main points of Japan’s proposals to the U.N. Framework Convention on Climate Change (UNFCCC) secretariat.

- Market-based mechanisms are cost-efficient, and some of the funds raised from them can be used to finance efforts by developing countries.

- New mechanisms should allow a variety of approaches, including a project-based one like the CDM and a sector-based one that the European Union is working on.

- New mechanisms should promote transfer and use of low carbon technologies, products and services to developing countries, including least-developed countries.

- New mechanisms need to be efficient and facilitative to help drive emission reduction efforts by a growing number of players and to enlarge the scale of market-based mechanisms as a whole.

- New mechanisms should mobilise all available technologies and not preclude such large-scale emission-cutting technologies as nuclear power or carbon dioxide captures and storage (CCS).

- To ensure the transparency and credibility of new mechanisms, countries should apply principles agreed at U.N. meetings in their measurement, reporting and verification (MRV) of emissions cuts and report regularly to the UNFCCC secretariat on how the mechanisms are used.

- Measures are needed to avoid double counting between different mechanisms. (Reporting by Risa Maeda; Editing by Michael Watson)

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