China, which is poised to pass the US as the world’s largest carbon dioxide emitter, is poised to set up the country’s first carbon-trading scheme.

The Beijing-based exchange, will work alongside 12 brokerages in western China, and will cost $1.7 million over three years.

The UN is trying to help China, the world’s fastest-growing major economy, and supplier of a third of global carbon credits, invest in cleaner industrial technology. The UN will certify the credits and aims to get the system ready by summer. United Nations China coordinator Khalid Malik said “We’re hoping to make this as market-driven as we can.”