China, US work together to establish low-carbon research center

Mon. September 21, 2009; Posted: 04:22 AM

BEIJING, Sep 21, 2009 (Xinhua via COMTEX) -- CXCHF | Quote | Chart | News | PowerRating -- The China-U.S. Low Carbon Finance and Development Research Center is expected to be founded in north China's Tianjin city, the Tianjin Climate Exchange (TCX) said in an announcement.

The center will be jointly established by CNPC Assets Management Co., a subsidiary of the China National Petroleum Corp. (CNPC), a financial research institute of the People's Bank of China, and the Chicago Climate Exchange (CCX), according to the TCX.

The research center will conduct research on energy efficiency and initiate a large-scale demonstration of market-driven carbon trade in China. Dr. Richard L. Sandor, chairman and CEO of the CCX, will be nominated the first chairman of the research center.

"This initiative is further evidence that China and the United States can work together, using financial innovation, to help address greenhouse gas emissions and lead in the global effort to confront climate change," Dr. Sandor said.

The establishment of the research center can stimulate joint research and the sharing of research results between China and the US, according to TCX general manager Gao Zhengqi.

The TCX, opened in September 2008, is a joint venture of the CNPC Assets Management Co., the Tianjin Property Rights Exchange and the CCX, and is China's first exchange established to design and market environmental products. It will serve as the exchange platform of the new center.

The CCX is the world's first and North America's only legally binding greenhouse gas emissions allowance trading system, which began trading in 2003. Enditem

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