In a bid to counter the United States’ growing stance on protectionism, China and the European Union team up and plan an early summit in Brussels. (Photo : Google)
China aims to foster its cooperation with the European Union (EU) as it eyes to speed up the construction of its carbon market, China's representative on climate change Xie Zhenhua said on the sidelines of COP21.
The country is set to launch the nationwide carbon emission trading market in 2017.
Xie noted that China has learned a lot from the EU about the carbon emission trading market. He added that to a large extent, the construction of China's carbon market can be traced on the EU's experiences and practices.
The EU emissions trading system (EU ETS) was launched in 2005 and serves as a cornerstone of the EU's policy in its campaign against climate change. Costing over 11,000 power stations and industrial plants in 31 nations, EU ETS is also a key tool for effectively decreasing greenhouse gas emissions.
During his remarks, Xie said that China has kicked off its pilot carbon emissions trading project in seven areas across the country in 2011. Since the implementation of the project, both the carbon intensity and the total carbon emissions were reduced.
In March 2014, China and the EU jointly launched the carbon emission trading capacity construction. Xie said that nearly 20 training programs were organized with the aid of EU experts and other relevant agencies.
Furthermore, the two parties have issued a joint statement on climate change in June, boosting their cooperation against global climate change.
"With both the EU and China committed to emissions trading, two major international players are championing carbon markets as a key policy tool to curb greenhouse gas emissions and put a price on carbon," EU Commissioner Miguel Arias Canete said.
"This is a strong signal and crucially needed by companies and stakeholders. I am confident it will encourage others to follow suit," he added.
