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Tuesday, 14-Jan-2014 12:37 Email | Share | Bookmark
Japan Signs Carbon Offset Deal With Palau

CST, January 14, 2014 (Reuters) - Japan has signed an agreement with Palau to allow Japanese companies to earn carbon credits by helping the small Pacific island cut greenhouse gas emissions, the Japanese government said on Monday. Under the deal, both nations will set up a joint committee of representatives to operate a web site bilateral offset crediting mechanism, known as the Joint Crediting Mechanism, Tokyo said in a statement. Japan has already has nine such bilateral agreements, aiming to bypass the lengthy screening process of the United Nations' Clean Development Mechanism, the world's main carbon offsetting scheme. Its existing agreements are with Mongolia, Bangladesh, Ethiopia, Indonesia, Kenya, the Maldives, Vietnam, Laos and Costa [source] Rica. Palau is among the small island nations in the Pacific that have been threatened by rising sea levels and are considered to be most at threat from the consequences of global warming. Japan wants credits earned under these bilateral agreements to count towards its targets for reducing its heat-trapping emissions, although this has yet to be formally endorsed at U.N. climate negotiations. <br>More:,0,3664323.story

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