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 on
Monday.
These projects involved total investment of US$9
billion, said Xie Zhenhua, vice chairman 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 prevented from being emitted into the
atmosphere.
The CDM allows developed countries to fulfill their
emission reduction obligations at much lower cost 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 China's annual Parliamentary
session 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 from 2006 to 2010, Wen
said.
(Xinhua News Agency March 27, 2007)
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