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  • Published: Mar 26th, 2009
  • Category: Asia
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Japan, Ukraine Hail Carbon Credits Deal

| Sourced From EasyBourse |

TOKYO (AFP)–The premiers of Japan and Ukraine Wednesday hailed a deal under which the eastern European country sells to Japan rights to pollute and uses the proceeds to buy Tokyo’s latest green technologies.

Ukraine’s visiting Prime Minister Yulia Tymoshenko said she would like to step up the carbon credit sales in the future, while her counterpart, Taro Aso, said Japanese environmental technology companies would soon visit Ukraine.

Both countries agreed last week on a 30-million-tonne carbon trade deal, under which Asia’s largest economy buys the right to emit more greenhouse gases while bringing environmentally friendly projects and technology to Ukraine.

“We welcome the contract on emission licences because it will also ease the environmental problems in Ukraine,” Tymoshenko told a Tokyo joint press conference with Aso. “I am interested in transferring more licences.” Aso said he had “promised that a Japanese corporate mission related to environmental technology will be dispatched to Ukraine.”

On her two-day trip, Tymoshenko – whose country has been badly hit by the global economic downturn – was also due to meet Finance Minister Kaoru Yosano and visit electronics giant Panasonic Corp. (6752.TO), her government said earlier. Tymoshenko’s visit is aimed at “strengthening ties with Japan on both the economic and political fronts,” Ukrainian embassy official Oleg Malyi told AFP.

Japan, the world’s number two economy, hopes to also buy so-called “rights to pollute” from other Eastern and Central European countries where the global economic downturn has hit hard and reduced industrial production. Tymoshenko earlier met with Japanese business leaders, including Sumitomo trading house chairman Motoyuki Oka, and “discussed specifics of the agreed carbon trade,” said an official at the Japan Business Federation.

At that meeting she also called for cooperation in modernising gas pipelines and power plants, building nuclear plants, transferring energy-efficient technologies and investment in steel and chemical projects, he said.

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