China may issue bonds to combat climate change
April 17, 2014 Category Environment, Greenhouse gas emissions
China may issue bonds to raise funds for combating climate change, an official at the National Development and Reform Commission NDRC) told a three-day climate conference in Beijing. Resolving problems associated with climate change will be one of the government’s top priorities this year, he added. Meanwhile, China launched its carbon-trading market in Hubei province. The aim is to cap carbon dioxide emissions from nearly 140 of the biggest companies, each of which will be given a set amount of pollution permits. Unused allowances may be sold while companies exceeding pollution limits must purchase extra permits. The first purchase was made by a subsidiary of China Petroleum & Chemical Corp in Wuhan. It bought 50,000 tons of carbon dioxide emission quotas from a local utility at CNY21 per ton. The Hubei market is China’s sixth of seven planned regional emissions trading schemes. The seventh exchange will be in Chongqing, which is scheduled to start this year. The NDRC said the seven pilot schemes will start integrating in 2015 and that an all-China platform will go into operation some time before 2020.
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