ENN: Japan and Hungary sign accord on CO2 credits transfer
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TOKYO (Reuters) - Japan on Tuesday signed its first basic agreement with Hungary to buy the European country’s surplus allowances for greenhouse gas emissions under the Kyoto Protocol, government officials said.
The memorandum of understanding, signed in Budapest, covers the basic framework for the Japanese government to buy intergovernmental surpluses, or AAUs, from Hungary under the Green Investment Scheme (GIS).
Under the Kyoto Protocol, governments are able to sell AAUs to other countries that fall short of their emissions targets.
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