China Power Investment in clean energy deal
29 October 2007
China Power Investment has signed a clean-energy agreement under the Kyoto Protocol's Clean Development Mechanism (CDM) with Germany's KfW Bankengruppe, Xinhua reported (in Chinese). The agreement includes a project to build 11 wind power farms, resulting in the reduction of the equivalent of 4 million metric tons of greenhouse gas emissions. According to the Clean Development Mechanism (CDM), developing countries are permitted to sell carbon-emission credits to companies in developed countries, enabling the latter to meet their Kyoto commitments to reduce greenhouse gases. In return, the companies buying credits pay for projects that cut or avoid emissions in developing nations. China Power Investment has also signed carbon-credit deals with France's Total and the Austrian government, involving a combined 25 million tons of carbon dioxide equivalent by 2012.
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