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China Announces Fund Created to Combat Climate Change
International, 10/1/2015

China announced it will create a new fund with a budget of US $ 3,100,000 to help poor countries combat climate change through the Partnership Fund for South-South climate countries.

This is part of a new joint presidential declaration on climate change of the Chinese President, Xi Jinping and US President, Barack Obama. The declaration main aim is to advance the commitments announced by the two presidents last November, and set an example ahead of the December climate summit in Paris.

Although China's contribution is not addressed directly to the Green Climate Fund of the United Nations, it can help countries to "enhance their ability to access" to financing the fund, according to the statement.

In addition, it reaffirmed that by 2017 China will put in place a national system of emissions trading of CO2, a mechanism that is used in several European countries to limit greenhouse gases.

This system is known in English as "cap and trade" and involves setting a limit on carbon emissions, and permission for companies in the country that do not reach this limit can sell credits to others who pass the maximum.

According to the statement, the system is based on a pilot program that has already been implemented in several Chinese cities since 2013, and applies to "key industrial sectors like iron and steel, power generation, chemical, building materials, the generation of paper and non-ferrous "metals.

The United States prompted a similar system during the first year of Obama”s presidency in 2009, but the Senate rejected the measure.


Topic(s):    Climate