COPENHAGEN – Completion of European deals to trade carbon credits under the Kyoto Protocol will have to wait several more months as countries do not yet have UN approval to trade, a European Commission official said on Wednesday.

China announced that it is expecting to raise US$1.5 billion through its Clean Development Mechanism Fund by the year 2012, which will be channeled into a government fund for climate change and public awareness programs.

Levies that support a climate change fund for poorer countries to adapt to climate change may soon be extended. The fund is currently supported by investments into Clean Development Mechanisms and green technologies. The extension may include “Kyoto Protocol climate deals between rich countries, known as Joint Implementation, or to carbon credit trade.”

BBC News

Negotiators from more than 172 countries are meeting in Bonn to hammer out a deal that may culminate in a new global climate agreement. In this week’s Green Room, UN climate chief Yvo de Boer argues that negotiators want to see more of the Kyoto Protocol’s Clean Development Mechanism, not less.