Today, Japan is contributing to our potential for a further reduction in emissions – Martin Bursik, Czech Environment Minister
To fulfill its target to buy 100 million metric tons of Carbon Emission Rights, Japan has bought 40 million metric tons of these rights from the Czech Republic at a cost of $500m. The Eastern European country sold the ‘redundant’ rights it had earned by reducing its carbon emissions by a decent 24% (from 1990), significantly above its pledge (Kyoto) of 8%.
To put the reduction in perspective, Germany reduced its emissions in the same period by approximately 22% but will unlikely engage in a similar trade as its Kyoto pledge was a significantly higher 21%.
The Ministry of Environment, led by Green Party leader Martin Bursik, will use the substantial financial inflow to subsidize Czech households’ building or installing environmentally friendly heating or insulation systems.
The move will not only reduce the country’s energy use and carbon emissions but, perhaps more importantly for the regular Czech household, significantly reduce their heating bill during the current downturn.