A Chinese fund first announced in February has accumulated $3 billion for investment into cleantech projects in that country.
The Clean Development Mechanism Fund draws money from carbon credit sales within the country. It also drew loans of almost $1 billion from the European Union and World Bank.
The fund’s size will probably grow in future years, as the fledgling carbon exchange in Beijing grows in size. A United Nations study has predicted that China will be the largest carbon credit market in the world by 2012. [via Xinhua]
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