US$1 billion to cut Chinese greenhouse gas emissions

The biggest agreement so far to cut greenhouse gas emissions in a developing country was finalised this week (29 August).

Under the deal, Asian and European companies will pay two Chinese chemical companies more than US$1 billion to reduce their emissions of one of the most potent gases involved in global warming.

The World Bank’s Umbrella Carbon Facility brokered the deal, which will reduce emissions of the gas