21 July 2021 5:26 GMT Updated 21 July 2021 9:36 GMT in Perth
China has finally launched its long awaited national emissions trading system, although concerns remain on the overall impact it will initially have on reducing emissions from the world s largest emitter of greenhouse gases.
China’s Ministry of Ecology & Environment confirmed the scheme commenced trading on 16 July at the Shanghai Environment & Energy Exchange, opening at a price of 48 yuan ($7.41) per tonne of carbon dioxide equivalent.
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According to Chinese state media, the price rose to nearly 53 yuan in the first half-hour of trade and a total of 4.1 million tonnes at 210 million yuan was traded on the first day, with the price closing at 51.23 yuan.