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Beijing to host carbon market

By Wang Zhuoqiong (China Daily)
Updated: 2007-02-07 10:36

The program is a joint effort between the United Nations Development Programme (UNDP), the Ministry of Science & Technology (MOST), and China International Centre of Economic and Technical Exchange (CICETE) under theMinistry of Commerce. Arcelor Mittal, the world's largest steel producer, has also pledged to provide financial support.

"As highlighted in the recently issued Report of the UN Inter-Governmental Panel on Climate Change, climate change has emerged as one of the most important issues facing the world," said Khalid Malik, UN Resident Coordinator and UNDP Resident Representative in China.

"Assisting China in its efforts to cope with the impact of global climate change and to create more sustainable, less Greenhouse Gas intensive development paths is an important focus for UNDP. A range of market-based instruments has now emerged to support this effort, with carbon trading emerging as a major opportunity," he said.

Nearly 500 registered programs have been set up under the CDM worldwide. Such projects are expected to reduce emissions 750 million tons of carbon dioxide by 2012. China has offered permits to nearly 300 projects, of which 37 have registered.

"The11th Five-Year Plansets an energy conservation target of reducing 20 percent of energy consumption per unitGross Domestic Production (GDP) by 2010, along with targets for greatly increasing use of renewable energy by 10 percent. We hope that these projects can contribute to achieve these ambitious energy goals," said Liu Yanhua, vice-minister of science and technology.

"The programme presents an innovative market-based approach to attract large amounts of foreign investment and establish public-private partnerships in developing sustainable energy solutions to alleviate poverty and achieve Xiaokang and Millennium Development Goals," he added.

(China Daily 02/07/2007 page4)