Jos Delbeke of the European Commission’s climate change unit said Tuesday that the EU will set up a project to help China begin trading emissions in eight cities, Bloomberg reported. The suggested project is dependent on the result of ongoing climate negotiations in Cancun, Mexico, which have produced fractious headlines regarding debates over the future of the Kyoto Protocol itself, but Delbeke expressed strong optimism. Talks, he said, are going "much better than anticipated. We are going to establish a work program." He said the United Nations Clean Development Mechanism, which is the world’s second largest market for carbon emissions, will survive the negotiations thanks in part to the EU’s 16 billion-ton demand for carbon emission reduction credits.
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