EU Money Goes Where Carbon is Cheapest To Cut
According to the South China Morning Post, European investors are lining up to pay mainland China power plants and factories to reduce pollution in lieu of spending far more to cut emissions at home. "The registered projects include hydro, wind and biomass power generation as well as waste heat and gas recycling. Developers of registered projects that reduce pollution or produce clean energy earn so-called carbon credits that they can then sell to polluters faced with mandatory emission-reduction targets. Since the US has refused to accede to the terms of the UN pact, most of the potential buyers of credits are in rich European countries…"