Plans are well advanced for the Beijing Climate Exchange, Hong Kong's South China Morning Post newspaper said, citing Peng Zhiyuan, general operating director of the China Beijing Equity Exchange (CBEX).

"We have finished initial research and consultations with overseas emissions trading bourses concerning the proposed Beijing Climate Exchange," Peng was quoted as saying. He did not give a timetable for the project.

Peng ruled out any foreign involvement and although he said the Chicago and European climate exchanges had offered to co-operate, he added that "we will go our own way."

The equity exchange helps unlisted companies, particularly unlisted state-owned enterprises, sell assets, in this case pollution credits, the paper said.

Peng's comments came as government authorities moved to rein in companies that waste a lot of energy.

The State Environment Protection Administration, the central bank, and the China Banking Regulatory Commission have said they would ban loans to any new projects that have not undergone proper environmental assessments.

Pollution has become a major problem in China as the economy booms and is second only to the United States in greenhouse gas emissions, which are blamed for global warming.

Community
Email This Article
Comment On This Article

Related Links
Dirt, rocks and all the stuff we stand on firmly