On June 9, Prime Minister Yasuo Fukuda released his "vision" for creating a low-carbon society in a determined bid to fulfill his responsibility as chairman of the summit of the Group of Eight industrialized nations in Toyako, Hokkaido.
It called for a long-term target of Japan reducing greenhouse gas emissions by 60 percent to 80 percent from 2005 levels. In the medium term, however, it went no further than vaguely stating that it is possible to reduce such emissions by 14 percent from the levels of 2005, in an apparent gesture to avoid resentment from industrial circles and the Ministry of Economy, Trade and Industry (METI).
On the issue of trading emissions quotas, the prime minister only said that such a scheme would be introduced on a trial basis in autumn. Such trading has been opposed by the steel and electric power industries.