"Hansen argues that the current emphasis on reduction targets combined with carbon trading schemes make it too easy for countries to wriggle out of their commitments. He cites the example of Japan's increasing coal use – the dirtiest fuel in terms of carbon emissions. To offset these increases in emissions Japan has bought credits from China through the clean development mechanism – an instrument set up by the Kyoto protocol – yet China's emissions have continued to increase rapidly. China has now overtaken the US as the biggest polluter in the world."
I wonder how aware the main japanese pension funds are about the long-term risks to their returns of climate change?