http://www.bloomberg.com/apps/news?pid=20601130&sid=aIOU_nLLlyGc

Spain approved seven clean-energy projects to offset its carbon emissions with reductions in the developing world, the Environment Ministry said.

The projects, under the United Nations’s Clean Development Mechanism, will cut CO2 emissions by 2.17 million tons a year through 2012, the ministry said on its Web site. Spain said it has approved 126 projects for emissions cuts totaling 150 million tons.
The projects involve generating electricity from wind, biomass, gas and hydroelectric dams in China, India, Colombia, Peru, Bolivia and Argentina, the ministry said. Spanish approval will allow the UN’s regulatory board to consider certifying the projects, triggering the issuance of emissions credits.