This is not high compared with the costs to other industrial countries, including Japan. Statistics vary depending on models used, but it may cost twice as much to reduce greenhouse gas emissions in Japan as it will in the United States. The United States should note that by making use of the mechanisms provided for in the Kyoto Protocol it can achieve the emissions reduction commitment in a cost-effective way. According to a recent report by the Intergovernmental Panel on Climate Change, the cost of complying with the protocol can be halved by fully utilizing emissions trading. The rules governing the Kyoto mechanisms are still under negotiation.
Some countries seek to impose rigid limitations.
Japan hopes that the outcome of present negotiations will allow for flexible utilization of the Kyoto mechanisms. Global warming is not only about sacrifices but also about opportunities. Japan's experience in achieving a high level of energy efficiency shows that efforts for energy efficiency have opened up opportunities for technological innovation and now markets. Another reason for the U.S. objection to the Kyoto Protocol is that developing countries are not required to assume adequate responsibilities. Striking an appropriate balance of responsibilities among the developed and the developing countries is complex.