Developing world viewed as key to global-warming issue

European and Asian leaders indicated that curbing global warming relies largely on action in the developing world and may depend more on clean-energy investments from the West than on extending emissions caps to developing nations...

Companies in industrialized countries can generate credits that offset their emissions-reduction obligations back home by financing emissions-cutting projects in the developing world, where they are cheaper.

Further evidence of interest in the carbon market came yesterday, when Climate Change Capital, a London-based company that assembles emission-reduction projects, said it has raised $830 million to form what it called the world's largest private-sector fund to invest primarily in projects in developing countries. It raised the money in three months and expects the fund to grow to $1 billion. About two-thirds of the money will be spent in China. Investors in the fund include two huge Dutch pension funds, ABP and PGGM.

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Developing world viewed as key to global-warming issue