IHS Chemical Week

People & Business :: Green Issues

Hong Kong Facilitates Carbon Trading

3:37 AM MDT | June 26, 2008 |

Alex Scott

Hong Kong has set up a legal framework to enable certain projects, such as power plants, to buy and sell carbon credits. Critics say projects already in planning would fail to qualify for carbon credits under the United Nations Clean Development Mechanism (CDM), however.   China is already the biggest beneficiary of CDM funding for GHG emissions reduction projects with 70% of all the world’s CDM projects based in China, according to the World Bank. Hong Kong has been unable to apply for CDM funding on projects such as new clean energy power plants...

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