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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
China to create world’s largest carbon market
China – the world’s biggest carbon emitter – has announced plans to create what will become the world’s largest emissions trading system (ETS), which will initially cover power generators and then expand to industrial emitters.
Some analysts are expecting that this will enable China to beat its self-imposed target of peaking its emissions by 2030. But others are expecting a slow start to the scheme.
‘The NDRC [China’s National Development and Reform Commission] has reiterated that the carbon market is created with the aim to curb emissions. But to what extent the ETS could contribute depends on the design,’ says Tianyu Meng, an Analyst from Thomson Reuters.
‘Many details of the market design are yet to be finalised and disclosed to the market,’ said Hongliang Chai, a Senior Analyst at Thomson Reuters.
According to the Carbon Team at Thomson Reuters the ETS will initially cover the power sector – some 1,700 power companies, 10,000 tonnes of coal equivalent and total emissions of 3.5 gigatonnes of carbon dioxide. This compares in size to the EU ETS’ 1.9 gigatonnes of carbon dioxide. Aluminium, cement and other sectors are scheduled to join later.
The ETS is designed to go through three phases – ‘setting up’, ‘simulation’ and ‘deepening’ – with the first two phases taking around one year, and only featuring the power sector. China’s existing eight regional pilot markets are to continue to operate and include entities that are not included in the national market, says Thomson Reuters.
