China's National Carbon Market to Start in 2016

Posted by Joseph R. Fonseca
Monday, September 01, 2014
China facing Pollution

 

 China plans to roll out its national market for carbon permit trading in 2016, an official said Sunday, adding that the government is close to finalising rules for what will be the world's biggest emissions trading scheme.

The world's biggest-emitting nation, accounting for nearly 30 percent of global greenhouse gas emissions, plans to use the market to slow its rapid growth in climate-changing emissions.

China has pledged to reduce the amount of carbon it emits per unit of GDP to 40-45 percent below 2005 levels by 2020.

It has already launched seven regional pilot markets in a bid to gain experience ahead of a nationwide scheme.

"We will send over the national market regulations to the State Council for approval by the end of the year," Sun Cuihua, a senior climate official with the National Development and Reform Commission (NDRC), told a conference in Beijing on Sunday.

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, when fully functional, would dwarf the European emissions trading system, which is currently the world's biggest.

It would be the main carbon trading hub in Asia and the Pacific, where Kazakhstan and New Zealand already operate similar markets. South Korea will launch a national scheme on Jan. 1, 2015, while Indonesia, Thailand and Vietnam are drawing up plans for markets of their own.

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.

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.

The pilot schemes are keen to attract professional trading companies to boost liquidity, and Shenzhen - the smallest of the pilots - recently allowed trades to be settled in foreign currencies in a bid to make trading easier for foreign traders.

(Editing by Simon Cameron-Moore)

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Environmental

First LNG-powered EcoLiner Launched

Europe’s greenest inland vessel debuts Damen group innovations   Damen Shipyards Group launched the first LNG-powered Damen EcoLiner inland shipping tanker

St. Lawrence Seaway Opening Date Pushed Back

Tthe opening date for the St. Lawrence Seaway 2015 navigation season has been delayed following review and consideration of factors and conditions affecting safe

Drop in Cocoa Bean Size Worries Ivorian Exporters

Dry weather in top cocoa grower Ivory Coast has caused a sharp drop in bean size and will delay the start of the April-to-September mid-crop by nearly two months,

Energy

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

EU to Deliver Climate Pledge to UN

EU ministers agreed on Friday to send their formal promise on how much they will cut greenhouse gas emissions to the United Nations ahead of climate change talks starting in November.

News

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

Jack W. Fisher Passes Away at 73

Jack W Fisher, president of JW Fishers Mfg. passed away at home after a brief illness on February 20, 2015. He was 73 years old.   The JW Fishers business was started because Fisher,

Global LNG-Asia Prices Creep Higher on Japanese Demand

Asian spot liquefied natural gas prices edged higher as scattered demand from Japanese buyers and others helped stem the recent decline in prices, traders said on Friday.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1266 sec (8 req/sec)