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China’s New CO2 Offset Market Set for Conversion of UN Projects

United Nations carbon regulators will consider new rules next month to make it easier for China to switch emission-reduction projects from the Clean Development Mechanism to a new domestic offset program.

China’s National Development and Reform Commission, the chief regulator, has so far approved 16 projects designed to cut annual emissions by almost 8 million metric tons, according to data on its website. Credits from the projects, originally intended for the UN market, may instead be used against limits set for China’s first seven emissions trading programs, according to Bloomberg New Energy Finance.