China Plans a Market for Carbon Permits
China plans to introduce its national market for carbon permit trading in 2016, a government official said on Sunday, adding that Beijing is close to completing rules for what will be the world’s biggest emissions trading program.
China has pledged to reduce the amount of carbon it emits per unit of its gross domestic product to 40 to 45 percent below its 2005 levels by 2020.
It has already introduced seven regional pilot markets in a bid to gain experience ahead of a nationwide program.
“We will send over the national market regulations to the State Council for approval by the end of the year,” Sun Cuihua, a senior climate official with the National Development and Reform Commission, told a conference in Beijing on Sunday.
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 start a national market on Jan. 1, 2015, while Indonesia, Thailand and Vietnam are drawing up plans for markets of their own.
The Chinese market will cap carbon dioxide emissions from sources like electricity generators and manufacturers.
Source: NYT
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