China will bring in the world’s biggest carbon-trading scheme in 2017, President Xi Jinping announced yesterday during a visit to the US. The cap-and-trade system would put a price on pollution, giving firms an economic reason to slash their carbon emissions.
China’s huge economic growth has largely been built on power generated from fossil fuels, its pollution worsened by carbon dioxide emissions from construction. But recently the country has taken serious measures to improve air quality at home and boost the fight against catastrophic climate change worldwide.
Official statistics released earlier this year showed that renewable and nuclear power accounted for a quarter of electricity generated in 2014.
But the programme won’t just cover electricity. US officials briefed on the plan, announced at a joint meeting with President Barack Obama, said the caps will cover “basically all heavy emitting industries.”
Greenpeace East Asia senior climate policy analyst Li Shuo said: “Today’s announcement is based on intensive cap-and-trade pilot schemes in seven Chinese cities and provinces, which started in 2011.
“Expanding a nationwide price on carbon is an important step to help China deliver its climate targets and shift away from coal and towards renewables.
“In addition, it will place pressure on the US to implement similar measures.” The US is the world’s second-worst polluter. Cap-and-trade is one element of a package climate deal announced yesterday by China and the US.
China is also due to put up money to help developing countries cut their emissions. The country is the driving force behind the Asian Infrastructure Investment Bank, pressure from which has driven the US and Japan-dominated Asian Development Bank to double its climate change funding to £4 billion.
The measures announced yesterday boosted hopes that UN climate talks in Paris in December will be able to make headway on agreements to tackle the global threat instead of petering out as in past years.
China’s huge economic growth has largely been built on power generated from fossil fuels, its pollution worsened by carbon dioxide emissions from construction. But recently the country has taken serious measures to improve air quality at home and boost the fight against catastrophic climate change worldwide.
Official statistics released earlier this year showed that renewable and nuclear power accounted for a quarter of electricity generated in 2014.
But the programme won’t just cover electricity. US officials briefed on the plan, announced at a joint meeting with President Barack Obama, said the caps will cover “basically all heavy emitting industries.”
Greenpeace East Asia senior climate policy analyst Li Shuo said: “Today’s announcement is based on intensive cap-and-trade pilot schemes in seven Chinese cities and provinces, which started in 2011.
“Expanding a nationwide price on carbon is an important step to help China deliver its climate targets and shift away from coal and towards renewables.
“In addition, it will place pressure on the US to implement similar measures.” The US is the world’s second-worst polluter. Cap-and-trade is one element of a package climate deal announced yesterday by China and the US.
China is also due to put up money to help developing countries cut their emissions. The country is the driving force behind the Asian Infrastructure Investment Bank, pressure from which has driven the US and Japan-dominated Asian Development Bank to double its climate change funding to £4 billion.
The measures announced yesterday boosted hopes that UN climate talks in Paris in December will be able to make headway on agreements to tackle the global threat instead of petering out as in past years.
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