Beijing creates fund to invest carbon-credit revenues

China has created a fund to invest revenues from carbon reduction in new environmentally focused projects, the Financial Times reported. The CDM Fund will invest US$3 billion of the US$15 billion in revenue that will be generated from sales of carbon credits issued by the 885 carbon-reduction projects approved by Beijing in the last two years. Sixty percent of the world's carbon-reduction projects are located in China, but only 60 out of the 885 approved projects have actually been registered to issue carbon credits under the UN's Clean Development Mechanism to date. All the projects are expected to be cleared "eventually," according to the World Bank, which advises Beijing on the new fund. The global carbon trading market is worth US$30-50 billion a year.