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China and EU Sign Carbon Reduction Financing Deal

09/24/2012

China agreed to strike a deal with the European Union to cut greenhouse gas emissions through projects that include the development of Chinese emissions trading schemes, an EU official said last week. EU Development Commissioner Andris Piebalgs and Chinese commerce minister Chen Deming signed a financing deal promoting "a low-carbon economy and a reduction of greenhouse gas emissions in China," to which the EU will contribute $33 million and technical assistance over four years. Last month, the EU agreed to link with Australia's scheme by 2018, and earlier this year China ordered seven provinces to set up their own emissions trading schemes as part of its carbon cutting goals. It's unclear whether the deal will affect the regional schemes or China's plans to sue the EU over its inclusion of aviation emissions in its plan. For the full story, see http://uk.reuters.com/article/2012/09/20/us-eu-china-carbon-idUKBRE88J0D820120920. Earlier: http://elr.info/international/international-update/china-orders-provinces-set-greenhouse-gas-caps, http://elr.info/international/international-update/chinese-airlines-sue-over-eu-emissions-trading-scheme.