(EnergyAsia, March 31) — Japan’s Sumitomo Chemical Co said it will invest $2.5 million in the World Bank’s BioCarbon Fund by 2017 to obtain some 400,000 carbon credits, which count against greenhouse gas emissions, according to a Japan Times report.

The World Bank launched the BioCarbon Fund in May 2004 to deliver cost-effective emission reductions while promoting biodiversity conservation in developing countries.

The fund builds on the Kyoto Protocol mechanism, which allows industrial countries to invest in emission reduction projects in developing countries and earn carbon credits to help achieve their emission reduction targets.