WB buys China 's gas emission limit worth 930 million USD

The World Bank (WB) on December 19 announced an agreement to buy polluted quotas of two Chinese companies worth $ 930 million. This is part of a plan for rich countries to cut greenhouse gas emissions by paying for these cuts in poor countries. This is the biggest ever agreement of WB fund. This fund was established as part of the Kyoto Protocol on climate change.

Two Chinese companies, Jiangsu Meilan Chemical and Changshu 3F Zhonghao New Chemicals Material, have agreed to cut greenhouse gas emissions by up to 19 million tons / year for a period of time not specified. Teresa Serra, the WB's director of social and environmental development, said: 'With this project, China will be ahead of countries in contributing to reducing the consequences of climate change'.

The two companies have quotas by installing technology to reduce HFC-23 emissions, or trifluoromethane, a chemical that warms the earth. Created with the production of refrigerants, HFC-23 is one of the six gases targeted by the Kyoto Protocol.

The WB said the fund also signed an agreement with the Ministry of Finance of China to spend money from selling pollution quotas on projects, to encourage sustainable economic development.

Q.HONG (According to Aljazeera)