皇冠体育app

Center

Beijing to host carbon market

By Wang Zhuoqiong (皇冠体育app Daily)
Updated: 2007-02-07 10:36

Beijingis expected to become the home of Asia's first carbon-trading exchange this summer, giving 皇冠体育app a presence in the multi-billion-dollar global carbon market.

Related readings:  Nation takes steps to cut emissions:expert  Energy giant signs carbon credits deal  Nation advocates clean energy

The three-year, $1.7 million project to develop the carbon-trading market in 皇冠体育app will feature technical service centers in 12 provinces. It will also develop pilot schemes for carbon-trading and capacity-building in the provinces and provide policy input for the expansion of the carbon market.

Carbon trading is widely seen as a cost-effective way of reducing greenhouse gas emissions. Other exchanges have been set up in London and Chicago.

皇冠体育app is currently the source of about a third of the carbon credits traded on the global market through the Kyoto Protocol's Clean Development Mechanism (CDM).

The CDM allows developed countries to fund environment-friendly projects in developing countries in exchange for credits toward meeting their own mandatory emissions cuts.

The technical service centres will help people develop programs under the CDM in 12 of 皇冠体育app's provinces.

The centers are to act as brokers between international investors and local partners to kick-start "green" investment projects in 皇冠体育app's less developed regions.