China will allow foreigners to trade carbon permits in Shenzhen, making it the nation’s first emissions exchange to welcome foreign investors. The Shenzhen exchange has yet to set the date or finalize other entry procedures. Foreign investors are expected to bring more experience to the market. The China Emissions Exchange in Shenzhen has granted a trading license to Singapore-based broker Ginga Petroleum, with an additional eight foreign utilities and trading companies waiting in line. Ginga bought 10,000 emission permits in a private deal settled in euros at an undisclosed price. The Shenzhen market, covering about 33 million tons of carbon dioxide per year, is tiny compared to the world’s largest – the European Union emissions trading system, which regulates more than two billion tons. But a China-wide market, when fully developed, would dwarf the European scheme, and some foreign carbon traders are eager to get an early foothold in the market.