(note scare quotes, it's as real a market as a Soviet Five Year Plan)
From Reuters:
China could have as much as $3 billion coming to a state-owned fund that supports emissions-reducing ventures, if a slate of projects on its books win U.N. approval, the Finance Ministry said on Friday.As of last month, China had approved 885 projects, which would prevent emissions equivalent to 1.5 billion metric tons of carbon dioxide and generate credits worth $15 billion.
"Out of that, the state can take $3 billion to use for the Clean Development Mechanism (CDM) fund," China's Ministry of Finance said in a notice on its Web site (www.mof.gov.cn) that announced the official launch of the fund....More
For some backround, the Bloomberg Special Report:
Carbon Traders Create Cheap Credits in China for Sale in Europe
is tough to beat.
Meanwhile, somewhere in Beijing
Wēn Jiābǎo:
Comrades, can you believe they're doing this?
Hú Jǐntāo:
Stop. You're killing me. stop.
Comrades, can you believe they're doing this?
Hú Jǐntāo:
Stop. You're killing me. stop.
China Strategies LLC, in their China Renewable Energy and Sustainable Development Report said:
According to statistics from the United Nations Development Planning Office, China’s contribution to worldwide reduction in carbon discharge amounts to 1/3rd of the total worldwide. In order for the developed world to achieve its goals through 2012, the developed world may need to purchase 2.5 billion MT of discharge reduction quantity from developing countries; at present there is only a total of 1.8 billion MT of discharge reduction quantity of registered carbon trading projects.Here's a thought for the Carbon Cowboys-bone up on what happens to the clearing price when supply is discovered to be infinite.
The Chinese can print the things faster than you can buy them.
They are planning enough CDM projects to supply the entire
2.5 billion MT themselves.
