Carbon trade key for cleanup
May 15, 2014 Category Environment, Greenhouse gas emissions
The largest carbon producer in the world, China is fighting to boost green growth through carbon trading markets, according to Du Shaozhong, Chairman of the Beijing Environment Exchange. “We will try hard to ensure that the trading is fair and transparent, with lower costs and higher profits for every participant,” he said. Last June, China opened its first carbon trading market in Shenzhen, followed by Shanghai, Beijing, Guangdong province and Tianjin in the fourth quarter of 2013, and Hubei province last month. The initiative is a big step for China in building a nationwide carbon trading market, with 40% to 45% reductions of 2005’s emissions expected by 2020, Xinhua News Agency reported. Statistics from the Beijing Environment Exchange show that by the end of March, the total trade volume of the Beijing market reached more than 64,200 tons, with revenue surpassing CNY325 million. To boost the market, efforts should be made to attract more companies, optimize quota allocations and quantify the energy-saving goals, Du said. “For example, only 100 companies in Beijing have confirmed they will take part in carbon trading, far less than the 490 companies registered,” said Du. He added that the six carbon trading markets in China were hard to compare. “They are operated separately with differences in threshold, price, regulations, management and economic situation,” the China Daily reports.
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