Japan earmarks $5.85M for carbon offsetting program

Japan will provide $5.85m in subsidies to 15 firms to undergo studies for emission-cutting projects overseas.

The companies selected include Tokyo Electric Power Co, Tohoku Electric Power Co, Electric Power Development Co, Mitsubishi Corp, Marubeni Corp, Nippon Steel Corp, Taiheiyo Cement Corp, Toshiba Corp and Nomura Research Institute Ltd.

The government of Japan hopes to reduce its carbon footprint by five to 10 million tonnes of carbon dioxide equivalent a year and has Japan has plans to undertake projects in nine developing countries. It has initiated talks with Vietnam, Indonesia, the Philippines and India for agreements on a carbon-offset mechanism.

The 15 projects included forest preservation, geothermal power and energy-saving technologies in homes and in industry.

Toshiba and Mitsubishi are planning work on geothermal plants in the Philippines and in Indonesia. Nippon Steel has proposed adding energy-conservation technology at a steel plant in India.

Tokyo Electric is considering building a coal-fired power plant in Indonesia.