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China to start huge carbon trading scheme

China’s national carbon market to start in 2016, official says SMH, September 1, 2014  China plans to roll out its national market for carbon permit trading in 2016, an official said Sunday, adding that the government is close to finalising rules for what will be the world’s biggest emissions trading scheme.

The world’s biggest-emitting nation, accounting for nearly 30 per cent of global greenhouse gas emissions, plans to use the market to slow its rapid growth in climate-changing emissions.

China has pledged to reduce the amount of carbon it emits per unit of GDP to 40-45 per cent below 2005 levels by 2020.

It has already launched seven regional pilot markets in a bid to gain experience ahead of a nationwide scheme…….The Chinese market, when fully functional, would dwarf the European emissions trading system, which is currently the world’s biggest.

It would be the main carbon trading hub in Asia and the Pacific, where Kazakhstan and New Zealand already operate similar markets. South Korea will launch a national scheme on Jan. 1, 2015, while Indonesia, Thailand and Vietnam are drawing up plans for markets of their own. http://www.smh.com.au/business/carbon-economy/chinas-national-carbon-market-to-start-in-2016-official-says-20140901-10arz1.html#ixzz3CDBKLO8u

September 2, 2014 - Posted by Christina Macpherson | China, climate change