Canada, the country furthest from meeting its commitment to cutcarbon emissions under the Kyoto Protocol, may save as much as $6.7billion by exiting the global climate change agreement and notpaying for offset credits.

The country's greenhouse-gas emissions are almost a third higherthan 1990 levels, and it has a 6 percent CO2 reduction target forthe end of 2012. If it couldn't meet its goal, Canada would have tobuy carbon credits, under the rules of the legally bindingtreaty.

Canada, which has the world's third-largest proven oil reserves,would be the first of 191 signatories to the Kyoto Protocol toannul its emission-reduction obligations. While EnvironmentMinister Peter Kent declined to confirm Nov. 28 that Canada ispreparing to pull out of Kyoto, which may ease the burden foroil-sands producers and coal-burning utilities, he said thegovernment wouldn't make further commitments to it.

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