China Uses Emission Credits to Fund Environmental Projects

The Chinese government has created a fund that will channel proceeds from the sale by industrial companies of greenhouse gas emission-reduction credits, to finance environmental projects throughout China. Proceeds will be generated by a fee that the government levies on all Chinese projects launched under the United Nations’ (UN) Clean Development Mechanism (CDM), part of the Kyoto Protocol. CDM allows polluting companies in developed countries to fund emission-reduction projects in developing countries in return for credits that the polluting firms may use...

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