March 4, 2011
Emissions Trading Contributes to the Spread of Electric Vehicles in Estonia
Mitsubishi Corporation (MC) has concluded an agreement with the Estonian Government to purchase 10 million tons of emissions rights. Under the terms of this contract, MC will also be providing 507 electric vehicles, manufactured by Mitsubishi Motors, as well as support with regard to quick charging technology, a field in which Japan is a leading player. These activities will support the Estonian Government’s goal of realizing an electric vehicle society.
This emission trading of 10 million AAUs (*1) was conducted as part of a Green Investment Scheme (GIS) (*2). Proceeds will be utilized by the Estonian Government to support measures aimed at realizing the widespread use of electric vehicles.
These measures are: (1) The introduction of electric vehicles for use by public facilities (in the field of social welfare); (2) improving infrastructure for charging; (3) subsidy programs for consumers who purchase electric vehicles, to be introduced by the end of 2012.
MC will support these measures by supplying 507 i-MiEVs (*3), Mitsubishi Motors’ next generation electric vehicle, for use by public facilities and by providing technical support to the Estonian Government with regard to the introduction and dissemination of the CHAdeMO (*4) quick charger method, .
MC recognizes the important role that market mechanisms play in bringing together environmental and economic concerns. From an early stage MC was involved in the creation of carbon credits through project development and has now developed over 100 projects worldwide (59 of which are already registered with the United Nations). In 2010, MC launched its Global Environment Business Group to promote greater development of renewable energy and other environment business. Through projects such as this MC will continue to contribute to the prevention of global warming through the dissemination of leading Japanese technologies.
*1: AAU (Assigned Amount Unit)
A unit issued to Annex B countries, which have set their emission reduction targets, pursuant to Article 3 of the Kyoto Protocol.
*2:GIS （Green Investment Scheme）：
A type of international emission trading pursuant to Article 17 of the Kyoto Protocol, whose proceeds are to be used for environmental measures including GHG emission reductions.
A next generation electric vehicle, which Mitsubishi Motors released to the Japanese market in July 2009. Its European specific model has started to sell in December 2010, and is now sold in 15 European countries.
A type of quick charging method that the CHAdeMO Association is proposing globally as an industry standard. 158 members all over the world are now participating in the CHAdeMO Association, including car manufacturers, power companies, quick charger manufacturers, charging service providers and other private companies and public administrations.
Green Investment Scheme (GIS) for contract between Estonian Gov. and MC.
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