Japan firm announces first carbon spot trade

TOKYO -- A Japanese company said Friday it had conducted the world’s first spot trade in carbon credits, predicting the nascent market will grow as countries step up efforts to tackle global warming. Under the Kyoto Protocol, industrial countries must cut greenhouse gas emissions by 2012 but can earn credits by buying from those who have met their targets or by supporting environmentally friendly projects overseas.

Japanese trading house Marubeni Corp. said it had sold the equivalent of 10,000 tons of carbon credits to a Japanese power company. Marubeni earned the credits by supporting a project in South Korea that is decomposing hydrofluorocarbon-23, a refrigerant known to contribute to global warming, a company statement said.

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