Japan considering cap and trade under climate deal

Japanese officials are considering launching an emissions trading program as a way to reduce the nation’s carbon pollution. 

{mosads}Bloomberg News reported Tuesday that a cap-and-trade market is one of a handful of proposals the Japanese are contemplating after the country committed to cutting its greenhouse gases as part of an international climate deal reached this month. 

Two governmental panels are considering ways to cut emissions 26 percent by 2030 from 2013 levels, according to the report, and officials said they would “carefully consider” an emissions trading system. The final climate change plan will be announced next year.

If Japan were to implement a trading system, it would become the latest Asian country to move toward cap and trade to cut emissions. 

South Korea launched one of the world’s largest emissions markets earlier this year, and China has committed to implementing cap and trade by 2017. 

The move to carbon markets comes as countries consider ways to meet voluntary carbon emissions goals established in the United Nations climate agreement. 

The deal is designed to slash global-warming-causing emissions around the world, and countries have set up individual goals to do so. The United States is looking to cut its emissions by 26 percent to 28 percent before 2025, and while President Obama favors a cap-and-trade system, he has said there is not enough political appetite to pass one nationwide.