China launches fifth carbon trading zone
Last updated on 2 January 2014, 9:00 am
Plans for seven pilot schemes by 2014 on course, as government ramps up efforts to cut pollution
China’s latest carbon market has opened in the north-eastern city of Tianjin, located just south of Beijing.
The country’s fifth trading scheme covers power generation and utilities, iron, steel, chemicals together with oil and gas producers.
The city’s top 114 polluters will have to pay for each tonne of carbon they emit beyond a ‘cap’ stipulated by central government.
Since the opening of Shenzhen’s market in June, Shanghai, Beijing and Guangdong province have launched similar initiatives.
Two more are expected to open in 2014, ahead of a national market that experts tell RTCC should be ready by 2020.
China is the world’s largest source of carbon emissions, with the USA in second.
In 2010 the government in Beijing pledged to reduce the CO2 intensity of its Gross Domestic Product by 40‐45% from its 2005 level by 2020.