12 September 2006, The Telegraph

Richest 'green' fund chooses China for first investment

Article by Charles Clover, Environment Editor

A £455m "carbon fund" launched by the investment banking group Climate Change Capital and dedicated to making money out of reducing global warming, has made its first investment. The fund, which is the largest of its kind in the private sector anywhere in the world, will make money by buying certified emission reductions in economies such as China and selling them to European companies that are short of permits for the EU's carbon trading scheme.

Climate Change Capital, which has Lord Oxburgh, the former chairman of Shell on its advisory board, has raised the money in three months and expects the total to top $1bn (£536m) by the time the fund closes.

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