With the help of Arcelor Mittal and under the United Nations Development Programme (UNDP) the Chinese government have launched a carbon finance project.
Arcelor Mittal providing financial support in the region of US$1.7 million, aim to pilot carbon trading in 12 Chinese provinces whilst building capacity and providing policy input for the expansion of the carbon market and the reduction of greenhouse gas emissions.
At the launch ceremony in Beijing (6th Feb) Khalid Malik, UNDP Resident Representative in China said "Climate change has emerged as one of the most important issues facing the world, assisting China in its efforts to cope with the impact of global climate change and to create more sustainable, less greenhouse gas-intensive development paths is an important focus for UNDP. A range of market-based instruments has now emerged to support this effort, with carbon trading emerging as a major opportunity."
The overall objective for the project is to help to alleviate poverty and develop the renewable energy sector in western China.
