Japan’s trade ministry said on Wednesday it had approved the first international projects funded by the World Bank-managed Prototype Carbon Fund (PCF), aimed at helping reduce greenhouse gas as its part of the Kyoto Protocol

TOKYO, Japan; May 10, 2007.- Eight Japanese companies and the Japan Bank for International Cooperation (JBIC), which invest in the PCF, expect to get about 10.7 million tonnes of CO2 emissions credits through 23 projects the PCF was involved in, according to Reuters calculations.

The PCF as a whole expects to receive 27.55 million tonnes in credits through the projects.

Investors in the PCF — which include companies and countries — can now use the cuts either to sell them in the open market or count them towards their greenhouse gas emissions targets under the Kyoto Protocol.

Approved projects include one for cutting emissions of a super greenhouse gas called HFC 23 in China.

The following is a breakdown of Japanese participants in the fund and the carbon emissions credits they expect to gain in tonnes, according to each entity:

COMPANY CREDITS

Kyushu Electric Power about 1.2 mln
Shikoku Electric Power about 1 mln
Chugoku Electric Power about 1 mln
Chubu Electric Power about 1.5 mln
Tokyo Electric Power about 1.2 mln
Tohoku Electric Power about 1.54 mln
Mitsui & Co. Ltd. about 920,000
Mitsubishi Corp about 770,000
JBIC about 1.53 mln.

(Reuters)

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