Trade in carbon credits soaring

China may become the biggest supplier of greenhouse gas emission rights in the world over the next six years. The country is poised to generate 16.61 million carbon emission reduction units every year up to 2012, the United Nations Framework on Climate Change said. This amounts to 30.67% of the world's total with one unit equal to a tonne of carbon dioxide emissions. These rights are transferable and investors throughout the world may be willing to buy the credits in China rather than spend a lot more to reduce emissions in their home countries. To date, China has only seven registered projects, amounting to 3.83% of the world's total, but another 46 have been approved including power generation and recycling projects.