China chastises U.S., Europe over greenhouse gases while Japan buys CO2 rights from...Latvia?
China's top climate envoy got into what MSNBC is calling "a rare public spat" with the U.S. and Europe Wednesday, contending that it's not fair to expect all countries to play a role in combating global warming when it's the older ones that originally caused the problem.
The spat occurred at a news conference at the U.N. climate talks in Bangkok, where delegates from 180 countries have been locked in the talks for 10 days on trying to hammer out a new climate agreement to replace the Kyoto Protocol.
The Chinese envoy's comments "laid bare what has been clear in at the negotiating tables for days — that a long-running divide between rich and poor countries shows no sign of abating despite promises by some major developing countries to cut their emissions of the gases responsible for climate change," MSNBC says.
So how do those rich countries hit their emission targets? By buying the carbon dioxide rights of less developed countries, of course.
That's what Japan has been up to this week, shopping around for someone's CO2 emission rights that it could buy. Japan is already the world's fifth largest emitter of greenhouse gases, and expects to have trouble meeting its emission reduction goals under the Kyoto treaty.
So last week Japanese officials went shopping for emission rights in the Czech Republic and the Ukraine, and this week it has concluded a contract with Latvia to acquire rights to emit 1.5 million tons of carbon dioxide.This is a big business -- a recent World Bank report estimated that the value of global carbon markets jumped from $110 million in 2002 to $126 billion in 2008.
--Craig Pittman



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