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Funds buy 29.5 mln tonnes carbon credits in China
Last Updated(Beijing Time):2006-09-12 11:06
Investors including Climate Change Capital, Centrica and Deutsche Bank said on Monday they have bought 29.5 million tonnes of carbon credits from Chinese chemical plant Zhejiang Juhua Co.

Under the growing global carbon market rich nations can pay companies in developing countries like India and China to cut emissions of greenhouse gases on their behalf, and so help combat climate change.

The investors said in a statement that Monday's deal is the biggest such deal arranged by the private sector yet, and will generate pollution cuts by destroying the super greenhouse gas HFC 23, which has some 12,000 times the global warming potency of the commonest greenhouse gas carbon dioxide (CO2).

The investor group also includes: Morgan Stanley Commodities Group and investment funds managed by Och-Ziff Capital Management Group and Stark Investments. 
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