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12.19.2005
Big Chinese Step in Carbon Emissions Trading

BEIJING, December 19, 2005 — Two Chinese companies today signed emission reductions purchase agreements with the World Bank’s Umbrella Carbon Facility for the largest emission reductions project on record. Through the €775 million (US$930 million) contract, the two private chemical companies, Jiangsu Meilan Chemical Co. Ltd., and Changshu 3F Zhonghao New Chemicals Material Co. Ltd, in Jiangsu Province in The People’s Republic of China are expected to reduce emissions of about 19 million tons of carbon dioxide equivalent annually.

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