Carbon finance project targets China’s western provinces

A new carbon finance initiative was launched in Beijing today, which hopes to alleviate poverty and develop the renewable energy sector in western China.
The US$1.7 million project, launched by the United Nations Development Programme (UNDP) and the Chinese government, “MDG Carbon: Carbon Finance for Achieving Millennium Development Goals”, aims to pilot carbon trading in 12 provinces, build capacity and provide policy input for the expansion of carbon market and reduction of greenhouse-gas emissions in China.

“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, at the launching ceremony. 
Carbon trading, through the Clean Development Mechanism (CDM),  is one of the ways that developed countries can meet their obligations of reducing greenhouse-gas emissions under the Kyoto Protocol by investing in greenhouse-gas emission reduction projects  in developing countries.
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photo by 小科