A landmark deal was signed in Guangzhou yesterday between Xinfeng garbage plant in Guangzhou's Baiyun district with Icecap, a British global warming solutions company, according to Nanfang Daily and South China Morning Post reports.
By 2012, Icecap would pay US$50 million to Xinfeng for the garbage plant to develop methane-based pwer generation projects and in return, Xinfeng would cut its carbon dioxide emissions by five million tons by the same year.
This deal would make it the biggest Kyoto Protocol Clean Development Mechanism (CDM) project in Guangdong.
China accounts for more than one third of the world's total carbon credit provider, making it the biggest in the world and is expected to surpass the U.S. as the world's largest greenhouse gas emitter by 2009.
