China launches long-awaited carbon trading scheme Reading Time: 2 mins read China launched its long-awaited emissions trading system on Friday, a key tool in its quest to drive down climate change-causing greenhouse gases and go carbon neutral by 2060. Trading began at 9:30 am local time (0130) GMT at the Shanghai Environment and Energy Exchange, according to a statement from official news agency Xinhua. The scheme will set pollution caps for big-power businesses for the first time, and allows firms to buy the right to pollute from others with a lower carbon footprint. China first announced plans for a nationwide carbon market a decade ago, but progress has been stymied by coal-industry lobbying and policies that pushed for quick growth at the expense of the environment.