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In the Kyoto Protocol Japan committed to reducing her greenhouse gas (GHG) emissions by 6% in relation to 1990. However, her GHG emissions have actually been increasing by around 8%. Japan will therefore either have to reduce its GHG emission by about 14%, or she will have to purchase emission certificates from abroad to cover emissions going beyond its target. One of the sources to be considered are the Central and Eastern European countries since they are held to have a very substantial potential for emission reductions. The therefore deserve further study, especially in the light of recent policy developments:

In September 2004 the EU adopted a directive linking the Kyoto Protocol’s project-based mechanism to the upcoming EU emission trading system. This so-called “Linking Directive” is going to have a profound impact on the CDM/JI market, both on the demand and on the supply side. On the …