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November 26, 2014

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National carbon market in 2016

CHINA will open a nationwide carbon market in 2016 to help the government reduce emissions by 2030, the National Development and Reform Commission yesterday said in Beijing.

China started carbon-permit trading trials in seven regions in 2011, which involved monitoring key industries and companies there by reporting greenhouse gas emissions.

The seven test regions traded a combined 13.75 million tons of carbon dioxide as of October, totaling 500 million yuan (US$81 million), while China’s carbon intensity dropped 5 percent annually by the same month, Xie Zhenhua, vice chairman of NDRC, said during a press briefing yesterday.

Su Wei, an official at the climate change department under the NDRC, said at the same briefing that the government may unveil rules governing the trading as early as the end of the year, tapping valuable first-hand experience from the test regions.

Su said the establishment and operation of the carbon market still requires further trials and practical local adaptation as there was no precedent.

But he expected the market to be mature by 2020 as the tests would raise public awareness on carbon-permit trading.


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