Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
China steps up climate fight with emissions trading scheme
The programme was launched just days after the European Union unveiled its detailed plan to achieve carbon neutrality by 2050.
< wipes tears > Which has been received by infestors like a bag of frosted hair
China first announced plans for a nationwide carbon market a decade ago, but progress was slowed by the influential coal-industry lobby and policies that prioritised economic growth over the environment.
The scheme will set pollution caps for big-power businesses for the first time, and allows firms to buy the right to pollute from others with a lower carbon footprint.
such asssss EU26? Califronia, USA? Or Vanuatu?
Citigroup estimates $800 million worth of credits will be bought for this year, rising to $25 billion by the end of the decade. That would make China's trading scheme about a third the size of Europe's market, currently the biggest in the world.

The scheme was originally expected to be far bigger in scope, covering seven sectors including aviation and petrochemicals.

Low ambition ...
Opening trade at the market in Shanghai started off at 52.7 yuan ($8) per ton of carbon on Friday [16 July] morning.

The average carbon price in China is only expected to hover around $4.60 this year - far below the average EU price of $49.40 per ton, Citic Securities said in a recent research note.

by Cat on Fri Jul 16th, 2021 at 02:45:10 PM EST
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