Japan: Land of the Rising Target?

Japan, steeped in a tradition of honor and commitment, must face an embarrassing truth: it has not made a dent in its Kyoto Protocol target emissions, its 6% target reduction soaring to an 8.3% increase by 2003, which essentially put the target in the vicinity of 15%. So the protocol's redfaced host country is bumping up its involvement in the treaty's three mechanisms: Joint Implementation, the Clean Development Mechanism and Carbon Emissions Trading. Although still in their infant stage, these mechanisms are already big business. Japanese corporations are among the world's largest investors in carbon credits. Strangely, however, there are no plans to require mandatory emission reductions or to create a trading scheme within Japan. While certain government ministries are still debating the best course of action, Japanese corporations have been there, bought that. Environmental groups contend that if Japan is to reach its target it must adopt more stringent domestic measures, and quickly, to coincide with the investment boom in carbon credits offshore.