The government will host an online international conference in February and March aimed at promoting the international trading of reducing greenhouse gas emissions. Some 50-100 countries are expected to participate.
In November, the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) agreed a set of implementation guidelines for emissions trading. Japan has been working on its own trading system, the Joint Crediting Mechanism (JCM), which it hopes will become an international standard.
Under the current emissions trading system, when an industrialized country provides a developing country with technology or funds to reduce greenhouse gas emissions, a portion of that reduction can be counted toward the industrialized country's own emissions.
