Money
China launches national carbon trading scheme
Climate change could be China’s next target
The communist nation has launched a national carbon trading scheme in what is a potential boost to global action on climate change.
China is the world’s largest emitter of greenhouse gases.
The emissions trading scheme will put a price on emissions and allow companies to buy extra allowances if they need to pollute more.
The program will initially involve 2,225 companies in the power sector
Those companies are responsible for a seventh of global carbon emissions from fossil-fuel combustion, according to calculations by the International Energy Agency.
Businesses within construction materials, steel, petrochemicals, chemicals, non-ferrous metals, papermaking and aviation are all now targeted.
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Under the trading program, emitters such as power plants and airlines will be given a fixed amount of carbon they are allowed to release a year. They can in turn buy or sell those allowances. That pushes emitters to think of controlling and reducing emissions in terms of a market.
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