China, one of the world’s leading producers of greenhouse gases, launched a government fund Friday to channel money from the sale of emission-reduction credits into environmental projects.
China has resisted adopting emission reductions under international agreements but says it is committed to curbing climate change.
The new fund is to receive a portion of the money paid Chinese companies under a global system that allows industry in developed countries to offset their pollution by paying companies in developing economies to reduce their emissions.
China is expected to overtake the United States shortly as the world’s largest emitter of carbon dioxide and other gases that scientists say are raising global temperatures, with possibly far-reaching environmental effects. [Full Text]