Car­bon mar­ket

China Daily (Hong Kong) - - COMMENT -

The 23rd Con­fer­ence of Par­ties (COP 23) to the United Na­tions Frame­work Con­ven­tion on Cli­mate Change com­menced in Bonn, Ger­many, on Nov 6.

China’s spe­cial rep­re­sen­ta­tive on cli­mate change Xie Zhen­hua said at the con­fer­ence on Mon­day that the prepa­ra­tion work for China’s car­bon mar­ket has been com­pleted, and it is now go­ing through the ex­am­i­na­tion and ap­proval process.

A car­bon mar­ket refers to a mar­ket in which car­bon emis­sion quo­tas can be traded. Car­bon mar­kets aim to pro­mote re­duc­tions in emis­sions of six green­house gases, par­tic­u­larly car­bon diox­ide. Thus 1 met­ric ton of car­bon diox­ide equiv­a­lent is used as the unit of trade.

Ac­cord­ing to Xie, China’s car­bon mar­ket, which is the world’s largest, “will be launched as long as it is ap­proved”.

China has al­ready launched pi­lot trad­ing sys­tems for car­bon emis­sion quo­tas in sev­eral prov­inces and cities, in­volv­ing many in­dus­tries. Ac­cord­ing to of­fi­cial sta­tis­tics, the quota trans­ac­tion vol­ume in Septem­ber had ac­cu­mu­lated to 197 mil­lion tons of car­bon diox­ide equiv­a­lent weight, worth 4.5 bil­lion yuan ($677.48 mil­lion). And both the vol­ume of car­bon emis­sions and car­bon emis­sions in­ten­sity had de­clined within the pi­lot re­gions.

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