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TEPCO plans to stop buying CO2 credits / Halt would hurt effort to fight global warming via The Daily Yomiuri

Tokyo Electric Power Co. plans to give up purchasing carbon dioxide emissions credits in the next 10 years, a step that would be a serious setback to the country’s efforts to address global warming, according to sources.

The company is expected to incorporate the decision in its comprehensive special business plan to be completed by the end of this month.

TEPCO, which supplies about 30 percent of domestic power, is the country’s largest CO2 emitter.

The utility has been purchasing the emission credits as part of its efforts to tackle global warming. But the firm apparently found it difficult to continue due to financial strain in the wake of the crisis at its Fukushima No. 1 nuclear power plant.

Businesses and countries are allowed to trade emissions credits for greenhouse gas reduction. Companies that cannot meet their reduction targets can buy credits from companies that have managed to reduce emissions beyond their own targets.

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