China advances plan for nationwide carbon trading system

February 1, 2018 by CaliforniaCarbon.info

(Source:PowerMag) Top governmental bodies in China in December approved plans for a carbon trading system that will first target power plants and then cover most of the nation’s mammoth industrial body.President Xi Jinping first hinted the country was considering a nationwide cap-and-trade structure in September 2015, and later that year, in a joint climate agreement with the U.S., the Chinese government pledged that the nation’s carbon dioxide (CO2) emissions would slow and peak around 2030. Though it has been slow to develop, a national emissions trading system (ETS) will make China the first large economy poised to implement a carbon market. And while it isn’t clear when trading could begin, China’s ETS could also be the largest in the world—possibly twice as large as the European Emission Trading Scheme, which covers power generation and heavy industry. Read full article…

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