TOKYO, Japan — Prime Minister Yasuo Fukuda has announced plans for Japan to cut its greenhouse gas emissions by as much as 80 percent and an experimental cap-and-trade system that will start this year.

In a speech earlier this week, Fukuda said Japan aims to cuts its GHG emissions by 60-80 percent by 2050 compared to current levels, according to news reports.

He also said the country can reduce CO2 emissions by 14 percent compared to current levels by 2020, but did not set a definite mid-point commitment.

As part of the GHG-reduction goal, Japan will begin an experimental cap-and-trade emissions reduction system later this year. Although details have not been announced, some industries have expressed concern with the idea. According to Agence France-Presse, the Japan Iron and Steel Federation has said tougher emission caps could force businesses to buy carbon credits overseas.

Fukuda also called for a tenfold increase in the country's use of solar power by 2020 and announced Japan will contribute $1.2 billion to a fund being set up with the United States and Britain to assist GHG reductions in developing countries.

Next month the Group of Eight will meet in Japan, and Fukuda plans to discuss the creation of an international consensus on GHG reduction efforts.