China raises $3B cleantech fund
A Chinese fund first announced in February has accumulated $3 billion for investment into cleantech projects in that country.
The Clean Development Mechanism Fund draws money from carbon credit sales within the country. It also drew loans of almost $1 billion from the European Union and World Bank.
The fund’s size will probably grow in future years, as the fledgling carbon exchange in Beijing grows in size. A United Nations study has predicted that China will be the largest carbon credit market in the world by 2012. [via Xinhua]
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.