The World Bank and 11 utilities, banks, trading firms and others have put together the largest greenhouse-gas emission trades in history, a $1 billion deal that will help two Chinese chemical companies reduce emissions believed to cause climate change by the equivalent of 19 million tons of carbon dioxide a year... The money will be put into a new Clean Development Fund that China will use to promote forms of renewable energy -- such as solar and wind power -- and to remove other gases believed to cause global warming. Seventy-five percent of the money is coming from European and Asian corporations, many of which are hurrying to buy emissions credits that can be used to meet the terms of the Kyoto Protocol... The two Chinese companies that will benefit from the transaction are located in Jiangsu Province on China's eastern coast. The companies manufacture a refrigerant using a process that generates HFC-23, an inert gas that is rated 11,700 times more powerful in global warming than carbon dioxide. A small part of the $1 billion...will be used to buy incinerator technology that will decompose the HFC-23. The gas, which is among those considered pollutants by the Kyoto treaty, currently is released into the air. [companies purchasing emissions permits: Natsource, Deutsche Bank, RWE, Tokyo Electric Power, Endesa, Mitsui]