CHINA LAUNCHES FIRST EMISSIONS TRADING SCHEME China will today launch its first carbon emissions trading scheme in Shenzhen, a business hub with a population of around 10 million and economic output of over A$150 billion. Shenzhen’s pilot emissions trading scheme is expected to cover around 630 industrial companies, responsible for 38 per cent of the city’s greenhouse gas emissions (see attached fact sheet). From this year, China will start another six emissions trading schemes in four cities and two provinces, including Beijing, Tianjin and Shanghai, with the aim of moving to a national scheme after 2015. The Minister for Climate Change, Industry and Innovation Greg Combet said he had congratulated his Chinese counterpart, Xie Zhenhua, on this important milestone in the development of carbon pricing and emissions trading in China. “China’s plans to expand these pilot schemes into a nation-wide trading scheme will add to the strong growth of global carbon markets,” said Mr Combet. China’s pilot schemes are expected to represent the equivalent of the second largest emissions trading market in the world – larger than those in California, Australia and New Zealand combined.
Posted on: Tue, 18 Jun 2013 08:21:54 +0000
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