China to set up carbon exchange

The UN and steel company Arcelor Mittal is to back the launch of a new Chinese carbon credit exchange in co-operation with the Chinese Ministry of Science and Technology and the National Development and Reform Commission. The announcement was made at a press conference on February 6 by the UN's China co-ordinator Khalid Malik.

Malik stated that the Beijing-based exchange, along with 12 new brokerages in western China, will cost around $1.7 million. The UN will certify the credits, generated b