China to launch world's largest carbon market soon

Updated 2017-02-16 13:54:03

China's national emissions trading system (ETS) is expected to be launched in the near term, creating the world's largest carbon market, the 21st Century Business Herald reported.

By the end of this year, there will be 19 carbon trading systems in operation worldwide covering nearly 7 billion tons of emissions, according to a report from the International Carbon Action Partnership (ICAP).

China has already launched seven pilot regional carbon trading markets since 2013 in Beijing, Tianjin, Shanghai, Guangdong, Shenzhen, Hubei and Chongqing. They cover a range of heavy industrial sectors.

As of Dec 31, the cumulative trading volume in the seven pilot markets reached 160 million tons, worth nearly 2.5 billion yuan, according to a report by the China Beijing Environment Exchange and the Beijing Emission Trading Association.

China plans to expand the pilot program nationwide later this year.

Last year, authorities including the National Development and Reform Commission made preparations for the launch, including mobilization, quota allocation, and legislative preparation.

Experts are not expecting China's national carbon market to be perfect in the short term, saying it will take several years of growth before it delivers emission reductions.

Zhang Yong, deputy head of the National Development and Reform Commission, China's top economic planner, previously said that the domestic carbon market is only in the early stages of development, and high expectations and more haste should be avoided.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 24 2018 04:06:36

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 24 2018 04:06:36

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 24 2018 04:06:36

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords