Financial Soultions looks at China’s new green legislature.

Sept. 1, 2009 - PRLog -- The landmark resolution indicates that China will draw up legislation to provide the legal framework for its fast-emerging climate change strategy.

"We must strengthen energy-saving and emissions reduction, striving to control emissions of greenhouse gases," said the resolution, urging greater support for wind, solar and other forms of clean energy, Financial Soultions has learned.

The China Daily newspaper said that  the resolution had been proposed by parliament deputies earlier this year.

"Fighting climate change has become an urgent task, with the country facing an increased frequency of extreme weather and climate disasters,” the article available to Financial Soultions added.

Financial Soultions see’s the new direction as the first step in the right direction, although the feeling is that both China and India are still waiting to follow the lead of the United States.

While it has long fought international pressure to set an emissions reduction target, China – the world's biggest producer of greenhouse gases – has in recent weeks indicated that it will step up efforts to cut its CO2 output.

“The market for carbon credits in countries like China and India, which are both yet to reach their greenhouse gas outputs peaks, are likely to be of the largest on the globe.” a spokesperson close to Financial Soultions was heard to say.

China and India have repeatedly resisted calls to sign up to binding emission cuts, arguing that the onus is on rich nations, which have far higher per-capita emissions, to deliver deeper emission cuts.

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