Sumitomo Chemical to Invest $2.5 mil. in BioCarbon Fund
TOKYO Sumitomo Chemical Co. said Wednesday it will invest $2.5 million in the World Bank's BioCarbon Fund by 2017 to obtain some 400,000 carbon credits, which count as greenhouse gas emission cuts.
The World Bank launched the BioCarbon Fund in May 2004 to deliver cost-effective emission reductions while promoting biodiversity conservation in developing countries.
The fund builds on the so-called Kyoto mechanism that allows industrial countries to invest in emission reduction projects in developing countries and earn carbon credits to help achieve their emission reduction targets under the Kyoto Protocol against global warming.
Sumitomo Chemical said it will promote its own emission-cutting efforts and utilize the Kyoto mechanism in order to help prevent global warming.
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