Tokyo  - Japanese Prime Minister Yasuo Fukuda on Monday unveiled a policy to try emissions' trading in the fall to achieve 60 to 80-per-cent reduction of greenhouse gas emissions in Japan by 2050.

Fukuda said that it would be possible to cut CO2 emissions by 14 per cent by 2020 from the 2005 level.

"We must see the transition to a low-carbon society as an opportunity for new economic growth," he said, billing the initiative as the "Fukuda Vision."

"Now is the time for us to take the first step toward a low-carbon society with great confidence."

Japan will host the Group of Eight (G8) summit meeting in July in the northern town of Toyako, where the agenda for the leaders of the world's economic powers includes climate change.

Japan hopes that the G8 states as well as world's major emitters including China would agree to its long-term target of halving global emissions by 2050 from current levels.

Fukuda announced that Japan would aim to reduce 60-80 per cent of the emissions because "it goes without saying that developed nations should make greater contributions than developing counterparts."

The Japanese leader explained that Japan would be able to reduce global emissions by 14 per cent because it plans to set reduction targets depending on industry and sectors.

Fukuda also expressed eagerness to promote Japan's proposed sector-by-sector approach to slashing emissions with other countries.

The premier also pledged that within a year or two Japan should hit the emissions peak and start showing declines to achieve the Kyoto Protocol target of 6-per-cent cut from the 1990 level.

Japan would also provide up to 1.2 billion dollars in two proposed Climate Investment Funds for developing nations in partnership with the United States, Britain and other donor countries, Fukuda added. (dpa)