Carbon trading scheme to cut emissions
Source: AFP |
June 19, 2013, Wednesday
|
Print Edition
Print Edition
CHINA officially launched its first trading scheme aimed at reducing emissions yesterday.
The platform allowing businesses in the southern city of Shenzhen to trade carbon emission permits has already completed several trades, a spokeswoman for the city's foreign affairs office said.
Under the scheme, companies are assigned an emissions quota and will be able to profit from selling excess permits to other firms if they are below their quota.
China plans to open similar schemes in seven areas including Shanghai, Beijing, the port city of Tianjin and Guangdong Province by 2014, in what analysts say is a step toward a nationwide carbon market.
The pilot programs will be in areas where tens of millions of people live and cover far more emissions than the entire carbon market in Australia. They also come as the European carbon trading market has collapsed while Australia's could be scrapped depending on the outcome of national elections later this year.
China is the top producer of carbon emissions, ahead of the United States, though its per capita emissions are far less.
The platform allowing businesses in the southern city of Shenzhen to trade carbon emission permits has already completed several trades, a spokeswoman for the city's foreign affairs office said.
Under the scheme, companies are assigned an emissions quota and will be able to profit from selling excess permits to other firms if they are below their quota.
China plans to open similar schemes in seven areas including Shanghai, Beijing, the port city of Tianjin and Guangdong Province by 2014, in what analysts say is a step toward a nationwide carbon market.
The pilot programs will be in areas where tens of millions of people live and cover far more emissions than the entire carbon market in Australia. They also come as the European carbon trading market has collapsed while Australia's could be scrapped depending on the outcome of national elections later this year.
China is the top producer of carbon emissions, ahead of the United States, though its per capita emissions are far less.
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