China pledges $3bn to reduce emissions
November 13th 2007 A state owned fund dedicated to reducing emissions could benefit from up to $3bn of investment if China is successful in getting a catalogue of projects approved by the UN.
If they are given the go ahead the 885 projects which China's National Development and Reform Commission (NDRC) approved last month could prevent emissions of around 1.5billion metric tons of carbon dioxide generating credits worth $15billion.
Announcing the initiative, Xie Zhenhua, vice minister with the country's NDRC said "The CDM is a win-win mechanism for the world community" explaining that $3 billion of this would be injected into the fund.
Part of the Kyoto protocol, the the Clean Development Mechanism (CDM) allows rich nation polluters to earn credits towards domestic quotas by funding emissions-cutting projects in the developing world.
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