Xinhua, November 07, 2010 : A senior Chinese legislator on Saturday said China is drafting a law to act to combat climate change, a move that signals the country’s proactive role in honoring its commitment to curtailing emissions, among other measures, in tackling climate change.
China Daily is reporting that the European Union (EU) is working with China on arrangements for a pilot scheme on carbon trading in the world’s biggest developing country. This has been mentioned by Jos Delbeke, director-general of the European Commission’s (EC) climate team.
China has published a list of newly approved projects eligible to earn carbon credits called Certified Emission Reductions (CERs) under the Clean Development Mechanism of Kyoto Protocol.
China is the leading supplier of carbon credits, called Certified Emission Reductions (CERs), under the global Kyoto Protocol carbon trading regime called Clean Development Mechanism (CDM). As on 27th October 2010, 51% of all issued CERs have been issued to Chinese projects. These 229 million CERs are worth Euro 30 Billion in today’s market.