China to Launch National Emission Trading Market
China is planning to launch a national emission trading system by 2017. This will inject a new political energy into climate change during talks for the December UN climate summit in Paris. The trading system covers power generation, cement, steel with other key industrial sectors and implement a green dispatch system in favor for low carbon sources in the electric grid.
Trials are being done in seven locations started in 2011 but the plans indicated that the creation of a carbon trading market and placing a price on greenhouse gas emissions is becoming a national level strategy. A senior advise on climate change, environment and energy at the National Resources Defense Council stated that climate change has become a highlight in the China-US cooperation as the two nations are the largest emitters and needs to work together especially on other core issues aside from trade and economy. The move is a step forward in a deal that is reached between the two leaders in November as China is pledging to cap its carbon dioxide emissions by 2030 and to make best efforts to cap them earlier during a joint China-US announcement.
China and US are now developing new heavy duty vehicle fuel efficiency standards and it will be finalized in 2016 and will be implemented by 2019 and both countries are stepping up to phase down super polluting hydro fluorocarbons. The two countries also announced more steps that will help in the acceleration of the transition to low carbon development internationally this including a new climate finance commitment by China to help developing economies to battle climate change and to take new steps in controlling public support for high carbon activities. China and US also reaffirmed their commitment in the bilateral cooperation both in the federal and subnational levels.
Since 2011, China has launched pilot projects for carbon trading in Shenzhen, Shanghai, Beijing, Chongqing, Hubei, Tianjin and Guangdong provinces. A senior climate and energy policy officer at Greenpeace East Asia stated that creating a national market and placing a price on greenhouse gas emission especially in the energy guzzling and high polluting industries. This will help China implement its climate change goals as well as help realize a revolutionary transition from coal to renewable energies. The plan is to start promote green, low carbon development and meet its goals for cutting greenhouse gas emissions.