On December 19, the World Bank (WB) announced a deal to purchase pollution quotas from two Chinese companies valued at $930 million. This initiative is part of a strategy for wealthier nations to meet greenhouse gas reduction targets by financing reductions in poorer countries. This is the largest agreement ever made by the World Bank. The fund was established as part of the Kyoto Protocol on climate change.
The two Chinese companies, Jiangsu Meilan Chemical and Changshu 3F Zhonghao New Chemical Materials, have agreed to reduce greenhouse gas emissions by up to 19 million tons per year within an unspecified timeframe. Teresa Serra, the East Asia director for social and environmental development at the World Bank, stated: “With this project, China will lead the way among countries in contributing to the mitigation of climate change impacts.”
The aforementioned companies have secured quotas by implementing technology to reduce emissions of HFC-23, or trifluoromethane, a potent greenhouse gas. HFC-23 is produced during the manufacturing of refrigerants and is one of six gases targeted for reduction under the Kyoto Protocol.
The World Bank also announced that it has signed an agreement with the Chinese Ministry of Finance regarding the allocation of funds from the sale of pollution quotas for projects aimed at promoting sustainable economic development.
Q.HƯƠNG (According to Aljazeera)
