Sumimoto buys Slovak emissions rights

Slovakia sold emissions rights arising from the Kyoto greenhouse gases protocol to the Japanese firm Sumimoto for a reported $600,000 to $1.4 million, meaning that Sumimoto will be allowed to exceed emissions limits by the same amount Slovakia falls below its emissions maximum. The deal is reportedly the first of its kind in the world arranged under the Kyoto agreement, which pledges member countries to reduce greenhouse gas emissions to 8-12 per cent below the 1990 level by 2012.