A Chinese government fund has told a U.N. panel it supports project developers which earn carbon offsets under a lucrative Kyoto Protocol scheme, and which rejects the idea that they are over-compensated. Chinese project developers rejected key grounds for a review of Kyoto's clean development mechanism (CDM), and the China CDM Fund supported them, confidential papers showed a week before a U.N. panel decides whether to launch a formal review of the scheme. The projects are the most lucrative under the CDM, which allows rich countries to buy offsets from carbon-cutting projects in the developing world as a way to ease the cost of reducing emissions.

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