China to start national carbon market in 2016

Date:03/09/2014 View: 915 Tags: China; National carbon market; 2016

China plans to roll out its national market for carbon permit trading in 2016, Sun Cuihua, a senior climate official with the National Development and Reform Commission (NDRC), told a conference in Beijing on August 31. The government is close to finalising rules and will send them to the State Council for approval by the end of the year, Sun said.  The national market will start in 2016, although some provinces would be allowed to start later if they lacked the technical infrastructure to participate from the outset, she said. The Chinese market will cap carbon dioxide emissions from sources such as electricity generators and manufacturers. Those that emit above their cap must buy permits in the market. It has already launched seven regional pilot markets in a bid to gain experience ahead of a nationwide scheme. Five pilot markets that opened in China last year saw a high degree of compliance by included emitters in their first year, although data secrecy and a tendency to hand out too many permits made them inefficient in cutting emissions. China’s the world's biggest emitting nation, accounting for nearly 30% of global greenhouse gas emissions, plans to use the market to slow its rapid growth in climate changing emissions. It has pledged to reduce the amount of carbon it emits per unit of GDP to 40-45% below 2005 levels by 2020. <img src="/upfiles/news/image/20140903/20140903082426_4954.jpg" alt="" />

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