Wednesday, August 8, 2007

Bill Gates-backed carbon fund taps China emissions

A new 400 million euro ($552 million) carbon trading fund backed by Microsoft founder Bill Gates will start by buying 10 million tonnes worth of emissions reductions by 2012 from projects in China.

Peony Capital Ltd, a Beijing-based investment vehicle, said on Wednesday it had committed to buying certified credits from two fuel switching and one wind power project, and hoped to complete fund-raising by December to invest in further projects.

The Bill and Melinda Gates Foundation Trust has provided 100 million euros in seed capital for the fund, which is currently tapping investors in Australia, the United States, Europe and Asia for another 300 million euros....

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