Big Chinese step in carbon emissions trading; HFC-23 Project combines major carbon emission reductions and sustainable development benefits.

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M2 PRESSWIRE-19 December 2005-WORLD BANK: Big Chinese step in carbon emissions trading; HFC-23 Project combines major carbon emission reductions and sustainable development benefits(C)1994-2005 M2 COMMUNICATIONS LTD RDATE:19122005 BEIJING - 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 EUR775 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. The World Bank...