Although several private exchanges exist in Europe as well as the American exchange in Chicago the market is fragmented; many trades happen directly between companies or on outside exchanges. The Beijing exchange would be the first in the developing world and would compete directly with established markets. Khalid Malik the UN resident coordinator in China says, "I hope we can actually launch it this year. The sooner the better."
The establishment of the market is expected to further open up the lucrative Chinese carbon credit market. Under the Kyoto protocols clean development mechanism carbon credits are issued by the UN to investors in projects in developing countries that reduce greenhouse gas emissions. The going rate for a credit in the international markets is in the $15-$18 range. According to the World Bank, during the first nine months of 2006, $3 billion (2.3 billion Euro) in carbon credits from developing countries were traded. :: Financial Times