China has provided half of the world's carbon credits under the
Kyoto Protocol after developing 279 foreign-invested
carbon reduction projects, the National Development and Reform
Commission (NDRC) announced yesterday.
These projects involved a total investment of US$9 billion, said
Xie Zhenhua, vice minister of the NDRC.
As a developing country, China is not obligated to meet targets
set by the Kyoto Protocol, but under the clean development
mechanism (CDM) it can provide so-called carbon credits to
developed countries if they invest in projects that help reduce
carbon emissions in China.
A carbon credit is given for the reduction of every ton of
carbon that is prevented from being emitted into the
atmosphere.
The CDM allows developed countries to fulfill their emission
reduction obligations at much lower costs by investing in clean
energy projects in developing countries.
The projects include upgrading equipment in factories or
converting coal burning factories to alternate energy sources.
Xie said the Chinese government would step up industrial
restructuring and tighten controls on energy consumption this
year.
At the conclusion of the annual session of China's National People's
Congress this month, Premier Wen Jiabao pledged the government would honor
its international responsibilities and reduce the country's
greenhouse gas emissions.
The government had set a target to reduce energy consumption per
unit of GDP by 20 percent by the year 2010, Wen said.
(Xinhua News Agency March 27, 2007)
