Financial Standards: The Chinese Government has formed its Clean Development Mechanism (CDM) fund as part of its strategy to foster and finance projects for climate change. Inline with its Kyoto Protocol obligations, China’s CDM fund was launched last week and will use revenue from the country’s carbon trading to invest in climate change projects. The fund is the first of its kind, according to Financial Times, and follows the fact that 60 per cent of world’s carbon reduction projects are in …