According to the online Environmental Leader:
A September survey of Japan’s largest business lobby group, found that 95% of companies surveyed oppose carbon trading, citing competition from countries like India and China that are not bound by similar pollution limits, reported Bloomberg.”
Japan’s government also said it won’t support an extension of the Kyoto Protocol after its greenhouse-gas emissions targets expire in 2012, calling the treaty “outdated” because it only regulates 27 percent of global emissions, and doesn’t include the U.S. and China, reported Bloomberg.”
Meanwhile the Financial Times Deutschland here reports the same in a piece called: CO2 Trade No Longer In Vogue. The FTD blamed pressure from industry for leading to Japan’s decision to back out of the scheme, and added:
The decision is a major setback for the once praised system that was touted as a way to achieve environmental protection using market economy means.”
Turns out that the Japanese have determined that it’s not very market economy-friendly after all.
The USA, under its newly elected Congress, have also signalled it will reject any trading scheme. Japan meanwhile is planning hefty taxes on carbon fuels and is considering energy feed-in traiffs like those used in Germany for supporting renewable energy.