Canada looks to buy green credits

OTTAWA - After insisting it would not buy "hot air" from Russia and other countries, the Canadian Government said yesterday it would have to go abroad to buy green credits in order to meet its emissions targets under the Kyoto Protocol.

Environment Minister Stephane Dion said the Government's plans to cut greenhouse gases, which are blamed for global warming, were not enough so far to meet the targets laid down by the international treaty on climate change, which is now in force.

"We may have to, yes, be involved in the credit system, the trading system - but in a way that will boost Canadian technology," he said.

Under Kyoto, countries pledge lower emissions, but if they cannot make it on their own they are allowed to buy credits elsewhere, the theory being that this is sometimes cheaper and less damaging economically.

Countries emitting less than their quota of greenhouse gases can sell these emissions credits to nations that are over their limits.

Canada pledged to cut its emissions to 6 per cent below 1990 levels by 2012, but as of 2002 its emissions had swelled 20.1 per cent above the 1990 level.

Dion said some measures already decided on, such as increasing the amount of ethanol used in petrol, had yet to take effect and the results would only show up in later years.

- REUTERS