China launches Clean Development Mechanism fund to address climate change

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Source: CCTV.com | 11-12-2007 09:25

China launched a Clean Development Mechanism fund on Friday to finance efforts to address climate change.

The China CDM Fund is managed by the Ministry of Finance. It will generate money from the current CDM projects that help China improve energy efficiency and protection of the environment by using cleaner energy for power generation. Nearly 900 CDM projects had been approved by the end of October.

The projects would generate 15 billion U.S. dollars, one fifth of which would go into the fund. The fund also receives money from financial institutions such as the World Bank and the Asian Development Bank.

Minister of Finance Xie Xuren said, "The establishment of this clean development fund is a very important step by the Chinese government to address the global problem of climate change. It will support our efforts to encourage energy-saving measures and protect the environment."

Editor:Zhang Ning