China accounted for 51% of the world’s CDM carbon emission credits...A related link is here.
There is no doubt that China, the world’s largest producer of CO2e per annum by overall volume on one hand and also the world’s leading CDM [clean development mechanism] project developer on the other, is the 800 pound gorilla in the carbon market.
Note this excerpt from the Washington Post:
...emissions trading with developing countries has been a bust. China has deliberately designed factories to release prodigious quantities of greenhouse gases, then pocketed billions for redesigning them.
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