China has ambitious plans to reduce the carbon intensity of it economy by 40~45% by 2020 against 2005 levels. The country (where nearly 70 percent of the power supply comes from coal) is taking this commitment serious.
China has made significant progress in specifying the targets, incorporating them into national development strategies and notably, laying the foundation for pilot emission reduction incentive or trading schemes. China’s first steps to the establishment of a national carbon emission trading scheme are becoming visible.
Funding has been given for Tianjin to launch a pilot carbon market in 2013. Tianjin Municipality alone has a population of around 13 million and had a nominal GDP of US$110 billion in 2009.
Tianjin is just one of seven cities and five provinces selected by the central government to launch pilot.
China has comitted to having a fully functional Emissions Trading Scheme in place by 2015.
NY Times | Climate Focus | Piloting Carbon Trading in China - Karla Lieberg and Jelmer Hoogzaad
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