Climate Exchange says strikes China emissions pact

LONDON, July 31 Thu Jul 31, 2008 12:25pm IST

LONDON, July 31 (Reuters) - British carbon credit exchange operator Climate Exchange CLE.L announced on Thursday a pact with Chinese National Petroleum Corp. Assets Management and Tianjin City to begin an emissions trading business in China.

No other details were provided.

Climate Exchange owns, operates and develops exchanges to facilitate trading in environmental financial instruments such as emissions reduction credits.

Its two main businesses are the European Climate Exchange (ECX), which mostly trades compliance permits under the European Union's Emissions Trading Scheme, and the Chicago Climate Exchange (CCX), which predominantly trades unregulated voluntary emissions reduction credits.

Climate Exchange shares are up 84 percent this year, comprehensively outperforming the FTSE All Share General Financial Index. (Reporting by Hsu Chuang Khoo; Editing by Paul Bolding)