the Tokyo Electric Power Company ( tepco ) plans to plant eucalyptus and other trees on 1,000 hectares of land in Australia in an attempt to offset its greenhouse gas emissions.
The world's largest power utility, which accounts for up to 8 per cent of Japan's carbon dioxide ( co 2 ) emissions, is creating a pool of carbon accounts across New South Wales to deflect criticism over its emissions.
The Kyoto Protocol on global warming envisions co 2 trade taking place between developed countries and less developed ones on the assumption that the forests from the later would harbour carbon to offset emissions of companies in the former. But this project is unusual as the trade off is between two developed countries.
In an arrangement with State Forest of New South Wales, an Australian state government enterprise that has established tradable property rights from the co 2 stored in forests, tepco plans to increase the area under plantation to 40,000 hectares over the coming decade.
This would be equivalent to reducing 200,000 tonnes of carbon annually. Sources say the land will be leased from private owners and managed by State Forest.
The company hopes to pick up carbon credits if the Kyoto Protocol is finally ratified and carbon trading is introduced.
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