Fifth Carbon Trading Market Launched in Tianjin
Tianjin in North China was launch the fifth emission trading market in the country as China moves forward and took another step in reining in the impact of carbon emissions on the market. Considered as the newest in the carbon market in China to cap its CO2 emission that comes from steel and iron producers, power generators and chemical facilities.
At the start there were five initial trading at 26 yuan and 28 yuan for 45,000 permits were allowed by the government. Power companies along with oil and gas firm and a trading house were among the first buyers of the initial transaction. Opening trades place Tianjin initial carbon prices at the low end portion of the carbon market in the country. China plans to cut the greenhouse gases emissions based on the units of the gross domestic product to 40-45 percent below the 2005 level and will be using the carbon trading as the key tool in achieving the market.
The Tianjing carbon trading market started just as the same with the other carbon markets in Shenzhen, Beijing, Shanghai and Guangdong markets thus making 114 of the city’s the top emitters to pay for each ton of carbon emissions that they exceed beyond the cap issued by the government.