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 nine billion U.S.
dollars, 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)