China has provided half of the world's carbon
credits under the Kyoto Protocol after developing 279 foreign-invested carbon
reduction projects, the National Development and Reform Commission (NDRC)
announced on Monday.
These
projects involved total investment of nine billion US dollars, said Xie
Zhenhua, vice chairman of the NDRC.
As a developing country, China is not obligated to meet targets set by the
Kyoto Protocol, but under the clean development mechanism (CDM) it can provide
so-called carbon credits to developed countries if they invest in projects that
help reduce carbon emissions in China.
A carbon credit is given for the reduction of every ton of carbon that
prevented from being emitted into the atmosphere.
The CDM allows developed countries to fulfil their emission reduction
obligations at much lower cost by investing in clean energy projects in
developing countries.
The projects include upgrading equipment in factories or converting coal
burning factories to alternate energy sources.
Xie said the Chinese government would step up industrial restructuring and
tighten controls on energy consumption this year.
At the conclusion of China's annual Parliamentary session this month, Premier
Wen Jiabao pledged the government would honour its international
responsibilities and reduce the country's greenhouse gas emissions.
The government had set a target to reduce energy consumption per unit of GDP
by 20 percent from 2006 to 2010, Wen said.
