China launches world s largest carbon market By HOU LIQIANG in Beijing, HE WEI in Shanghai,HE WEI and LIU KUN in Wuhan | CHINA DAILY | Updated: 2021-07-17 07:51 Aerial photo taken on Aug 19, 2020 shows wind turbines in Jiucaiping scenic spot in Southwest China s Guizhou province. [Photo/Xinhua]
Overpassing EU s trading program, it covers over 4.5 billion tons of emissions
China on Friday inaugurated its national carbon market, a landmark practice that experts said will not only help accelerate the reduction in domestic carbon emissions, but also promote a broader global response to climate change.
The market currently includes over 2,000 companies in the power generation sector and covers over 4.5 billion tons of carbon dioxide a year. It replaces the European Union s carbon trading program as the world s largest such mechanism, according to the Ministry of Ecology and Environment.
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Q&A: What is China s carbon trading scheme?
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16/07/2021 - 07:28 China relies on coal for 60 percent of its energy needs and since 2011 has burned more coal each year than the rest of the world combined, according to the US Center for Strategic and International Studies FRED DUFOUR AFP/File 4 min
Beijing (AFP)
China Friday launched the world s biggest carbon trading system to help lower carbon emissions, but critics and analysts have raised doubts about whether it will have a significant impact.
China is the world s biggest emitter of the greenhouse gases that drive climate change, and the scheme is part of its efforts to decarbonise its economy by 2060.
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