China's carbon trading pilot boosts emissions control

Updated 2018-03-28 08:48:01 Xinhua

China's carbon trading system has enabled the country to reach its 2020 carbon emissions target in 2017, China's special representative on climate change has said.

Xie Zhenhua said at the Green Carbon Summit held here Monday that by the end of 2017, China had cut carbon dioxide emissions per unit of GDP by 46 percent from the 2005 level, fulfilling its commitment to reduce CO2 emissions by 40 to 45 percent from the 2005 level by 2020.

From 2005 to 2015, China's economy grew by 1.48 times, and at the same time, the carbon intensity dropped by 38.6 percent. In 2016, the rate continued to fall by 6.6 percent year on year.

According to China's commitment to the Paris Agreement, it will have to cut carbon emissions per unit of GDP by 60-65 percent by 2030 from the 2005 level.

The carbon emissions trading system was initiated in 2011 and includes power generation, iron and steel production and cement manufacturing sectors in seven provinces and municipalities including Shanghai, Xie said.

Transactions totalling 200 million tonnes of carbon emissions quotas had been completed via the platform by the end of 2017, with total turnover hitting 4.7 billion yuan (751 million U.S. dollars).

The National Development and Reform Commission launched a nationwide carbon emissions trading system in the power generation industry in December last year.

Under the scheme, enterprises are assigned emissions quotas and those producing more than their share of emissions are allowed to buy unused quotas on the market from those that cause less pollution.

Xie said the system is a step toward establishing a national carbon market. Relevant departments should take measures to facilitate the registration, trade settlements, and accounting to better regulate the carbon market.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 24 2018 12:31:59

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 12:16October 24 2018 12:31:59

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 24 2018 12:31:59

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.

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