There are no plans to set up a carbon-credit exchange in China like
those in London and Chicago, according to a circular recently issued by
the country’s top office on climate change to correct some inaccurate
reports.
The Office of National Coordination Committee on Climate Change under
the National Development and Reform Commission said that according to
the Kyoto Protocol, emissions trading and joint implementation are
carried out among Annex I countries, which have quotas for greenhouse gas
(GHG) reduction.
China, as a developing and an Annex II country, can only run clean
development mechanism (CDM) projects to mitigate the effects of GHG
emissions.
“CDM is a mechanism essentially different from carbon emissions
trading,” according to the circular.
However, although China will not establish a carbon exchange, it will
work to meet its commitment to the international community to curb
global warming by seeking sustainable development, Foreign Minister Li
Zhaoxing said at a press conference on Tuesday on the sidelines of the
annual session of the National People’s Congress (NPC), China’s top
legislature.
“China, as one of the developing countries suffering from climate
change, pays great attention to this issue,” Li said.
The climate change office also said it welcomed research, co-operation
and the development of CDM projects in China, and would provide
information to groups or businesses looking to run CDM projects in the
country.
Nearly 500 registered programs have been set up under the CDM
worldwide. Such projects are expected to reduce emissions by 750 million tons of
carbon dioxide by 2012. China has offered permits to nearly 300
projects, of which 37 have registered.
By Sun Xiaohua