The United Nations and China will collarborate on a multibillion-dollar global exchange in carbon credits to be located in Beijing, the Financial Times reported. The exchange would be the first in the developing world, opening up the Chinese market in carbon and competing against private carbon exchanges in Europe and the US. About US$3 billion in carbon credits were traded in the first nine months of 2006 in developing countries. China is expected to account for 41% of all UN-issued carbon credits by 2012. These credits are issued under the Kyoto protocol and designed to induce developed countries to invest in green energy technologies in poor countries, where reducing greenhouse gas emissions is less costly. Meanwhile, the South China Morning Post reported that a national plan to deal with global climate change and reduce greenhouse gases will soon be announced. Created over the past two years, the new plan was written by a team of officials and academics from the Ministry of Science and Technology, the China Meteorological Administration, and other research institutions.