Japan, the world's fifth-biggest carbon dioxide (CO2) emitter, will begin a carbon pricing scheme in stages from April to encourage companies to curb emissions and achieve its goal of carbon neutrality by 2050.
Smoke rises from a factory during the sunset at Keihin industrial zone in Kawasaki, Japan, January 16, 2017. REUTERS/Toru Hanai/File Photoin stages from April to encourage companies to curb emissions and achieve its goal of carbon neutrality by 2050.The plan is aimed at speeding up decarbonisation to tackle climate change but Japan lags behind other major economies that have already implemented similar policies.
Japan also needs to make a commitment quickly to support green investment to incentivise companies to change their behaviour, he said.The scheme, based on METI proposals and approved by the cabinet this year, consists of emissions trading and a carbon levy. If the target is not met, they will trade emissions through the market. Trading will likely be done at the Tokyo Stock Exchange, which conducted aBy 2026/27, Japan would set guidelines for the ETS and introduce a mechanism for third-party certification of companies' targets. Official supervision may also be introduced for those abusing the system.Details including the price of carbon, the scope of coverage and whether it is mandatory are being discussed.
But careful consideration must be given to the extent to which emission-intensive industries should be required to participate in the ETS in 2026, he said.
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