China will likely start carbon emissions trading in Beijing, Shanghai and Guangdong province by the end of this year, as part of efforts to control emissions and combat climate change, a senior planning official said Tuesday.
China
will
likely start carbon emissions trading in
Beijing
,
Shanghai
and
Guangdong
province by the end of this year, as part of efforts to control emissions and
combat climate change, a senior planning official said Tuesday.
China
also
hopes that developed countries will provide funds to assist developing
countries in their drive to reduce emissions, said Xie Zhenhua, vice chairman
of the National Development and Reform Commission.
"The goal is to explore a carbon market that is in accordance with
China
's
national conditions by lowering total costs for emission cuts while achieving
the targets," Mr. Xie told a news briefing.
"We still hope (developed nations) can confirm a timetable for providing
money," he added, referring to pledges by developed nations to help
developing countries in their efforts.
China
launched in June a carbon-trading market in Shenzhen as part of a pilot program
that initially called for seven trading centers. In addition to Shenzhen, the
plan also included the cities of
Beijing
,
Shanghai
,
Tianjin
and
Chongqing
as
well as the provinces of
Guangdong
and
Hubei
.
Carbon markets, also known as emissions trading or cap-and-trade schemes, are a
widely adopted method of putting a price on carbon dioxide emissions produced
by burning fossil fuels such as coal and gas.
Under the program, factories and other major carbon producers will have to curb
pollution by capping the volume of emissions. Cleaner companies can then sell
excess permits to dirtier ones, thus setting a market price aimed at reducing
overall emissions and driving more investment in greener technologies.
So far the trading in Shenzhen has been less than anticipated but there is hope
for an upturn in the future.
"The trading volume in Shenzhen so far has been limited, about 120,000
tons in total," Mr. Xie said, adding that the carbon market is still
developing.
He conceded that enforcement of rules on controlling air pollution remains
loose and this is hampering the nation's efforts in fighting climate change. The
world's largest developing country still needs to balance competing objectives
of economic development, raising living standards and protecting the
environment, he said.
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