Recently, Japan’s largest steel company, Nippon Steel Corporation, and Mitsubishi Corporation, a major trading company, cooperated with Shandong Dongyue Chemical Company, the largest Freon company in China, to conduct greenhouse gas emission trading. By 2012, Japan’s two companies’ emissions targets will be converted into about 55 million tons of carbon dioxide, which will total 10 million tons of greenhouse gas emission rights, which is the largest in the world. This is the second "world's largest scale" created by Chinese and Japanese companies.
Greenhouse gas emissions trading is a business based on the clean development mechanism set forth in the Kyoto Protocol, which aims to control global warming. The mechanism stipulates that the developed countries can reduce greenhouse gas emissions by helping developing countries to reduce their greenhouse gas emissions, which can be used as their own emission rights.
The Sino-Japanese inter-firm project has reduced the emission of Freon gas from Dongyue Chemicals, allowing Nippon Steel to obtain about 2 million tons of carbon dioxide emission rights each year. Dongyue Chemical Co., Ltd. produces a large amount of substances that have a very strong greenhouse effect during the production process. For this reason, Nippon Steel will put into operation in mid-2007 to dismantle and dispose of the material.
Two months ago, Japan Volatile Oil Co., Ltd., Marubeni Corporation, and Dawang Construction, a major integrated construction company, announced that the three companies will jointly conduct China's greenhouse gas emissions trading. This is the first time Japanese companies have set foot in this area. The three companies will be responsible for reducing greenhouse gas emissions from chemical plants located in Zhejiang Province. Converted into the weight of carbon dioxide, the three companies will receive 40 million tons of emission rights within seven years from 2007. This was the largest emission indicator in the world at that time. As early as November 2004, before the entry into force of the "Kyoto Protocol," Japanese media reported that the Japanese Sumitomo Trading Company intends to cooperate with two other Japanese companies to collect biogas power generation at a coal mine in Heilongjiang Province, China.
Industry insiders believe that through the sale of emission rights, Chinese companies have obtained economic benefits and improved energy efficiency; Japanese companies can expand production by purchasing relatively inexpensive emission rights, and once the Japanese government completes the reduction tasks required by the protocol, It will also strengthen its position in the follow-up negotiations of the Kyoto Protocol.
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