"Japan Shelves Carbon Emissions Trading Scheme"

"Japan postponed plans for a national emissions trading scheme on Tuesday, bowing to powerful business groups that warned of job losses as they compete against overseas rivals facing fewer emissions regulations.

The government has submitted a climate bill to parliament that includes a one-year deadline to design a national trading scheme. After Tuesday's delay, that bill faces revisions in the next parliamentary session that begins in January.

The decision is a blow to the European Union's hopes that other top greenhouse gas polluters will introduce emissions trading schemes and follows setbacks to similar efforts in the United States and Australia."

Risa Maeda reports for Reuters December 29, 2010.

Source: Reuters, 12/30/2010