China has released plans to create the world’s largest carbon emissions trading scheme, several news outlets reported. The market will initially be focused on the power sector, which produced almost half of the country’s greenhouse gas emissions last year, and will encompass 1,700 energy suppliers producing more than 3 billion tons of CO2 annually, according to Reuters.
China has released plans to create the world’s largest carbon emissions trading scheme, several news outlets reported. The market will initially be focused on the power sector, which produced almost half of the country’s greenhouse gas emissions last year, and will encompass 1,700 energy suppliers producing more than 3 billion tons of CO2 annually, according to Reuters.
In the coming years, China is expected to expand the trading scheme to include seven other sectors, such as iron and steel, chemicals, paper, and aviation.
The new market within China, the world’s biggest emitter of greenhouse gases, will be more than twice as large as the current top carbon market, the European Union’s, which covers 1.4 billion tons of emissions annually.
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