Japan Bank for International Cooperation is going to sign an agreement with Mexico to support Japanese companies engaged in...
The Japan Bank for International Cooperation (JBIC) is going to sign an agreement with Mexico to support Japanese companies engaged in greenhouse-gas reducing projects in Mexico. The agreement is expected to be signed on Friday.
According to it, the state-run bank will extend loans to companies undertaking Clean Development Mechanism (CDM) projects such as plant upgrades and collection of greenhouse gases in Mexico, sources said.
Mexico will award Japan emissions rights preventing from the projects' greenhouse gas reductions.
The Kyoto Protocol of 1997 requires that Japan's annual greenhouse-gas emissions during 2008 to 2012 be 6 percent less than they were in 1990. Because current emissions exceed the 1990 level by about 5 percent, some observers say it will be impossible for Japan to achieve the target through domestic reductions alone.
Japan has so far approved five CDM projects by Japanese companies. The projects await approval from the host governments of the developing countries